India does not import much crude or natural gas from Russia. We imported around 43,400 bpd oil from Russia in 2021, about 1% of overall its imports and natural gas exports were at just about 0.2% of Russia's natural gas exports.
The impact is more on account of the impact globally as prices of crude as well as natural gas have shot through the roof. Gas prices in Europe are linked to Brent crude.
GAIL has a long term, 2.5 million tonnes LNG contract with Russia’s Gazprom from 2018.
And now with the current situation, if sanctions come in, movement of fuel even from other sources will get disrupted, along with high prices.
Though prices will go up, Moody’s put out a report saying that the mitigating factor is that several Asian economies have long-term supply contracts in place for LNG, which will limit the impact of fluctuations in the spot price.
Once again, psychologically, the blow is big, which is why Indraprastha Gas (IGL) hit a new low today at Rs.340.15 and is currently trading around the same levels. GAIL too is down over 4.5% at Rs.131.50. Petronet LNG is down over 4% currently at Rs.196.90.