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India currently imports about half of its natural gas needs, with Qatar supplying 41 percent of the imports in FY25, followed by the US (19 percent) and the UAE (13 percent).
India
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Moneycontrol•28-01-2026, 21:33

India Eyes Russian LNG Boost Post-Europe Ban: S&P Global Energy

  • •India may increase Russian LNG imports if Europe phases out Russian gas due to an upcoming ban, according to Kenneth Foo of S&P Global Energy.
  • •The potential increase in imports will depend on pricing discounts, benchmark linkages, and India's tolerance for geopolitical risk and sanctions.
  • •The European Union has approved a ban on Russian gas imports starting in 2027, impacting Russia's previous top market.
  • •India currently imports about half its natural gas needs, with Qatar, the US, and UAE being major suppliers; Russia is not a significant current supplier.
  • •India aims to reduce reliance on spot LNG purchases by securing long-term contracts and is highly price-sensitive in its LNG procurement.

Why It Matters: India could significantly increase Russian LNG imports after Europe's 2027 ban, contingent on favorable pricing and risk assessment.

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