India has imported round 144 billion euros’ value of crude oil from Russia for the reason that begin of the Ukraine conflict, making it the second-largest purchaser after China, in accordance with estimates by European assume tank Centre for Analysis on Vitality and Clear Air (CREA).In accordance with information company PTI, CREA mentioned Russia has earned practically 1 trillion euros from world fossil gasoline gross sales since its full-scale invasion of Ukraine on February 24, 2022.
“As of January 2026, Russia has earned 1 trillion euros and counting from world fossil gasoline gross sales for the reason that begin of the full-scale invasion of Ukraine,” the assume tank mentioned, including that these revenues proceed to fund the conflict in Ukraine.China topped the listing, shopping for fossil fuels value 293.7 billion euros from Russia since February 2022, together with 210.3 billion euros of oil, together with coal and gasoline. India adopted because the second-largest purchaser, importing fossil fuels value 162.5 billion euros, together with 143.88 billion euros of oil and 18.18 billion euros of coal, CREA mentioned.The European Union spent 218.1 billion euros on Russian fossil fuels throughout the identical interval, together with oil, coal and gasoline, regardless of sanctions imposed after the invasion. CREA famous that Russian oil has continued to circulate into the EU, primarily to Hungary and Slovakia, and that merchandise refined from Russian crude are nonetheless coming into sanctioning international locations.India, the world’s third-largest oil importer, sharply raised purchases of discounted Russian crude after Western nations reduce imports. Russia’s share in India’s crude basket rose from underneath 1 per cent earlier than the conflict to almost 40 per cent at its peak, PTI reported.Nevertheless, Russia’s share has since fallen to under 25 per cent amid recent US sanctions on main Russian oil exporters. India’s every day purchases of Russian oil from non-sanctioned entities dropped to round 72.92 million euros in early January from a peak of 189.07 million euros in July 2023, in accordance with CREA.Reliance Industries, beforehand India’s greatest purchaser of Russian crude, has mentioned it doesn’t count on to obtain any Russian oil shipments in January, which might push India’s imports to a multi-year low amid tighter Western sanctions and trade-related pressures.
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