India Bought €144 Billion Russian Oil Since Ukraine War: CREA
Think tank says Russia earned nearly €1 trillion from global fossil fuel sales since 2022 invasion.
GG News Bureau
New Delhi, 7th Jan: India has imported about €144 billion worth of crude oil from Russia since the start of the Ukraine war in February 2022, making it the second-largest buyer of Russian oil after China, according to the Centre for Research on Energy and Clean Air (CREA).
CREA said Russia has earned nearly €1 trillion from global fossil fuel sales since the full-scale invasion of Ukraine on February 24, 2022, revenues that continue to fund the conflict.
China topped the list with purchases worth €210.3 billion in oil, along with €42.7 billion in coal and €40.6 billion in gas, taking its total fossil fuel imports from Russia to €293.7 billion. India bought fossil fuels worth €162.5 billion, including €143.88 billion in oil and €18.18 billion in coal.
The European Union spent €218.1 billion on Russian fossil fuels, including €106.3 billion on oil, €108.2 billion on gas and €3.5 billion on coal.
Despite sanctions by the G7 and the EU, Russian oil and gas continue to flow into several European countries, mainly Hungary and Slovakia, while refined products made from Russian crude still reach Western markets, the think tank said.
India, the world’s third-largest oil importer, became the biggest buyer of discounted Russian crude after Western countries shunned Moscow, raising Russia’s share in India’s crude basket from under 1 per cent to nearly 40 per cent at its peak.
However, Russia’s share in India’s oil imports has since dropped to less than 25 per cent following fresh US sanctions on major Russian oil firms, including Rosneft and Lukoil. Major refiners such as Reliance Industries, HPCL, HMEL and MRPL have halted Russian oil imports, while IOC and BPCL continue to buy from non-sanctioned Russian entities.
CREA data shows India’s daily purchases of Russian oil have declined sharply in recent months, indicating a gradual shift away from Russian crude amid tightening global sanctions.
