The share of Russian oil in India’s crude imports fell to 25% in January from 31% in December 2023 and an all-time high of 44% in May last year. The narrowing of price discounts between Russian crude and Middle Eastern crude, recent US sanctions on shipowners carrying Russian crude above the price cap, and rising tanker premiums resulting from the Red Sea attacks have made Russian crude less attractive for Indian refiners. Serena Huang, an analyst at Vortexa, explained that the recent attacks in the Red Sea by Yemen-based Houthi rebels had minimal impact on the transportation of Russian crude. However, freight and insurance rates have increased, leading many ships to choose alternative longer routes to avoid trouble. The prices of key Russian crude grades are trading above the $60 per barrel cap, posing difficulties for Indian refiners in terms of receiving cargoes and payment. For instance, Urals, the flagship Russian crude grade, is currently trading near $70 per barrel, while the international benchmark Brent is around $80. Other Russian grades are even more expensive. On another note, crude oil imports from the US to India fell to zero in January, compared to a 3% share in December and 9% a year earlier. This article suggests that the recent changes in the share of Russian and US crude oil in India’s imports can be attributed to various factors, including price discounts, geopolitical events, and sanctions.