New Delhi: Even as the United States threatens higher tariffs, a few Indian companies have increased crude oil imports from Russia. The purchases come at a time when overall Russian oil imports into India have fallen because of international restrictions.

Government-owned Indian Oil Corporation (IOC) and Nayara Energy, which is linked with Rosneft, have raised their procurement from Russia this month. The Bharat Petroleum Corporation Limited (BPCL), one of India’s major state-owned oil and gas companies, has also continued buying, though in smaller volumes. Reliance Industries, the biggest Russian oil buyer last year, has not purchased any crude from Russia this month.

Data from analytics firm Kpler shows that in the first half of January, India imported an average of 1.18 million barrels per day from Russia. This is nearly 30 percent lower than the same period last year and below the 2025 monthly average. Compared with December 2025, imports are down by around three percent.

Which Companies Bought Russian Oil

US sanctions have reduced the number of Indian buyers for Russian crude. So far, only the IOC, the Nayara Energy and the BPCL have imported Russian crude this month. The IOC accounts for nearly half a million barrels per day, roughly 43 percent of total Russian crude arriving in India. This is its highest purchase since May 2024 and 64 percent above its 2025 monthly average.

Nayara Energy ranks second, buying about 471,000 barrels per day. That represents 40 percent of Russian crude arriving in India. This is its largest purchase in at least two years and 56 percent higher than its 2025 average.

The BPCL has bought approximately 200,000 barrels per day, slightly above its 2025 average of 185,000 barrels per day.

Companies Not Buying Russian Oil

Reliance Industries has not purchased Russian crude this month. Other companies that stayed out include the Hindustan Petroleum Corporation, the HPCL-Mittal Energy Ltd and the Mangalore Refinery & Petrochemicals Ltd.

Russian suppliers have increased discounts on crude because of falling demand from some Indian and Chinese buyers. Industry officials say that the discount on Russian Urals crude delivered to Indian ports has risen to about $5-6 per barrel. Before US sanctions on Rosneft and Lukoil in October, the discount was around $2 per barrel.

The IOC has increased its January purchases to take advantage of the cheaper prices.

Gold prices are expected to extend their upward trend in the coming week, supported by safe-haven buying and expectations of policy easing by the US Federal Reserve, while silver may see a phase of consolidation after its recent sharp rally, analysts said.According to news agency PTI, market participants will closely track a series of global macroeconomic indicators, including inflation data from major economies, the US Personal Consumption Expenditures (PCE) index, GDP numbers, PMI readings and weekly jobless claims. These data points are expected to offer fresh signals on the future course of US monetary policy.According to Pranav Mer, vice president, EBG – commodity & currency research at JM Financial Services Ltd, investors will also keep an eye on economic data from China, which is particularly important for industrial metals. “Among other developments, US President Donald Trump’s speech at the World Economic Forum and the Supreme Court judgement on trade will be most important to watch,” Mer said, as quoted by news agency PTI.On the domestic front, gold futures on the Multi-Commodity Exchange (MCX) gained Rs 3,698, or 2.7 per cent, over the past week. Prices touched a record high of Rs 1,43,590 per 10 grams on Wednesday before easing slightly.Mer said gold prices were partly supported by a weaker rupee against the US dollar. However, some gains were trimmed on Friday due to profit-booking and long liquidation. “The risk premium eased following the US President’s softer tone on Iran, better-than-expected jobs data, and a firm dollar,” he added.In overseas markets, gold futures on Comex rose by $94.5, or 2.09 per cent, last week. Prices closed at $4,595.4 per ounce on Friday, after hitting a record of $4,650.50 earlier in the week.Prathamesh Mallya, DVP-Research, Non-Agri Commodities and Currencies at Angel One, said gold gained more than 2 per cent during the week due to geopolitical risks linked to Iran, which boosted demand for safe-haven assets. He noted that expectations of US rate cuts, a weaker dollar, lower treasury yields and continued central bank buying are supporting prices.Mallya expects gold to move towards Rs 1,46,000 per 10 grams on the MCX and around $4,750 per ounce in global markets in the coming week.Silver, meanwhile, witnessed an exceptional rally. On the MCX, prices jumped nearly 14 per cent, or Rs 35,037, over the week, hitting a record high of Rs 2,92,960 per kilogram. In global markets, silver rose $9.2, or 11.6 per cent, to settle at $88.53 per ounce, after touching a lifetime high of $93.75, reported PTI.Mer said silver’s sharp rise continued despite some profit-taking and consolidation towards the end of the week, following reports that the Trump administration would not impose tariffs on critical miners for now. However, he cautioned that the rally could face a correction as prices approach the $100 per ounce level.Vijay Kuppa, CEO of InCred Money, said both gold and silver remain structurally positive, even though near-term volatility cannot be ruled out, as per PTI. He pointed out that central bank gold purchases, strong ETF inflows, geopolitical tensions and macroeconomic uncertainty continue to support precious metals as portfolio hedges.Kuppa added that silver’s dual role as a precious and industrial metal, backed by demand from technology, renewable energy and electrification, underpins its long-term outlook. He said short-term corrections after a strong rally are a normal part of the price discovery process and do not necessarily alter the broader trend.