India has saved approximately $13 billion over the past two years by importing discounted crude oil from Russia, reports ICRA. Despite a decreasing trend in discounts year-on-year, India’s crude imports from Russia surged to 36% in fiscal year 2024 from 2% in 2022, compressing the current account deficit by 15–22 bps. However, monthly discounts on Russian crude narrowed from 23% to around 8% throughout fiscal year 2024. As discounts persist at low levels, India’s net oil import bill may rise to $101-104 billion in fiscal year 2025. Russia’s offer of discounted crude, following Western sanctions, has made it India’s top supplier, surpassing traditional suppliers like Iraq and Saudi Arabia.