Here’s a geopolitical plot twist that sounds almost too convenient: India, one of the world’s largest oil importers, dramatically ramped up its purchases of Russian crude starting in 2022, not in defiance of Western interests, but reportedly at Washington’s request. The goal was straightforward. Keep global oil prices from spiraling out of control after Russia’s invasion of Ukraine disrupted energy markets worldwide.
From bit player to Russia’s biggest customer
Before the war in Ukraine, Russian crude accounted for roughly 2-4% of India’s oil imports.
Then came 2022, and everything changed. US Treasury Secretary Janet Yellen reportedly encouraged India to keep buying Russian oil, provided it stayed within certain parameters, to prevent a global supply crunch that would have sent prices into the stratosphere. India obliged enthusiastically.
By certain points in the subsequent years, Russian oil represented over 40% of India’s total crude imports. The cumulative bill tells the story even more clearly. By early 2026, India’s total Russian oil purchases had reached approximately $168 billion. The Biden administration’s calculus was that maintaining global supply flows, even if it meant a geopolitical adversary kept earning revenue, was preferable to the economic damage of unchecked oil price spikes.
