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The Adani Group’s recent ban on sanctioned vessels is expected to temporarily decrease the flow of Russian crude into India, especially at Mundra port, Vortexa said.
In a significant move impacting global energy markets, India’s largest private port operator, Adani Group, announced a ban on all sanctioned vessels across its 14 ports and terminals nationwide, effective September 10.
This decision arrives as India remains a major importer of Russian crude, often transported on vessels subject to international sanctions, raising questions about the near- and medium-term implications for the nation’s import dynamics.
Out of the Adani Group’s various ports and terminals, six are dedicated to handling energy products such as crude oil products (liquids), and LPG/LNG, according to Vortexa data.
A review of crude arrivals into India via Vortexa’s platform reveals that Mundra is the only port within the group that processes international crude oil shipments, the ship-tracking agency said in an analysis.
From September 2024 to August 2025, Mundra handled 376,000 barrels per day (bpd) of crude oil, accounting for 8% of India’s total crude imports, based on trailing twelve-month (TTM) data, according to the analysis.
The crude discharged at Mundra is then transported via pipeline to two inland refineries: Indian Oil Corp (IOC), India’s largest state-owned refiner, and HPCL-Mittal Energy Ltd (HMEL), which operates a 226,000 bpd refinery in Bathinda.
Russian crude in Mundra
Since early 2023, Russia has become the primary source of crude oil arriving at Mundra, a trend revealed by Vortexa’s cargo flow data analysing crude oil arrivals by origin country, Ivan Mathews, head of APAC analysis, said in the analysis.
This shift reflects India’s evolving crude import strategy, influenced by discounted Russian oil.
From September 2024 to August 2025, Mundra received an average of 181,000 bpd of Russian crude, constituting 48% of the port’s total crude arrivals for the trailing twelve months.
The bulk of these volumes comprised medium-sour Urals, well-suited to India’s refining systems which are optimized for processing heavier and sour crudes.
Mundra also imported crude oil from Iraq, Saudi Arabia, Kuwait, UAE, and Mexico, in addition to Russia.
These countries typically supply medium to heavy sour grades, which are suitable for India’s complex refining infrastructure.
However, their share of arrivals has decreased compared to Russian volumes over the last two years.
Mundra’s receipt of Russian crude raises operational questions, particularly given the Adani Group’s prohibition on sanctioned vessels.
From September 2024 to August 2025, an average of 42,000 bpd of crude arrived at Mundra on Western-sanctioned tankers, representing 12% of the port’s total crude arrivals.
During this period, 36 Suezmax and Aframax tankers, currently under sanction, discharged Russian crude grades into Mundra.
On September 15, the sanctioned Suezmax vessel SPARTAN discharged Urals crude at the SPM HMEL terminal in Mundra, following a multi-day wait to berth.
It remains uncertain whether the Adani Group operates SPM HMEL or if a grace period is extended to sanctioned vessels calling at Mundra.
It is plausible that sanctioned tankers carrying Russian crude were already en route to Mundra before the announcement of sanctions, Mathews said.
Consequently, if these vessels arrive beyond any potential grace period, diversions away from the port are likely in the coming weeks, Mathews added.
This scenario would lead to a short-term decline in Russian crude arrivals into Mundra.
Outlook
Mathews said:
Non-OFAC sanctioned tankers carrying Russian crude to Mundra could divert to nearby ports such as Sikka and Vadinar, which are currently the largest receivers of Russian oil in India.
Adani Group’s ban on Western-sanctioned vessels may lower freight rates for such ships, making it more appealing for ports like Sikka and Vadinar to import discounted Russian crude using these vessels, particularly as these ports still allow port calls from Western-designated tankers not sanctioned by OFAC.
“In particular, we expect Russian crude flows into Vadinar to rise in the coming months,” Mathews added.
In August, Nayara Energy’s refinery terminal experienced a month-over-month decline in imports of non-Russian crude, as mainstream vessels opted not to call at the facility.
Urals crude arrivals increased as vessels on the Russia-India trade route restarted discharges after short disruptions in July, Vortexa analysis showed.
Nayara Energy appears to be increasingly replacing non-Russian crude with cheaper Russian oil, especially that transported by sanctioned vessels. This trend suggests a continuation of this substitution strategy.
Mathews added:
As a result, we anticipate an uptick in Russian crude arrivals into Vadinar.
The effect on Mundra’s crude intake in the medium term is still unknown.
Although the immediate effects of Adani’s vessel ban are clear, India’s crude logistics will likely adjust in the coming months to lessen wider disruptions.
IOC, with its vast pipeline system linking numerous coastal terminals, could redirect Russian crude imports to non-Adani managed ports that still accept sanctioned tankers, Vortexa said.
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