India’s Russian Oil Imports Hit €144 Billion Since Start of Ukraine War: CREA Data

India imported crude oil worth around €144 billion from Russia between February 2022 and early January 2026, according to estimates released by the Centre for Research on Energy and Clean Air (CREA).  

Russia’s Oil Earnings 

As per PTI report, CREA said Russia’s cumulative earnings from global oil sales since February 24, 2022, are estimated at about €1 trillion.  

The think tank noted that oil continues to account for the largest share of Russia’s fossil fuel revenues during the war period. 

India and China Lead Purchases 

Data from CREA shows India emerged as the second-largest buyer of Russian oil after China. China bought Russian fossil fuels worth €293.7 billion, including €210.3 billion of oil, along with coal and gas.  

India’s total fossil fuel imports from Russia were valued at €162.5 billion, consisting mainly of oil worth €143.88 billion. 

European Union Imports 

The European Union spent €218.1 billion on Russian fossil fuels over the same period. This included €106.3 billion on oil, €108.2 billion on gas and €3.5 billion on coal.  

CREA said Russian oil continued to reach the EU, largely through Hungary and Slovakia, while refined products made from Russian crude also entered sanctioning countries. 

Rise in India’s Russian Oil Intake 

India, the world’s 3rd-largest oil importer, increased purchases of Russian crude after Western countries reduced imports.  

Russia’s share in India’s crude basket rose from under 1% before the war to nearly 40% at its peak, supported by discounted pricing and availability. 

Impact of Fresh Sanctions 

Russia’s share in India’s oil imports has since fallen to below 25% following tighter US sanctions on exporters such as Rosneft and Lukoil.  

CREA estimates show India’s daily purchases from non-sanctioned entities declined to about €72.92 million in early January, from a peak of €189.07 million in July 2023. 

Read More: Reliance Industries Share Price in Focus; Denies Claims of Russian Oil Shipments to Jamnagar Refinery! 

Conclusion 

The figures show that India’s Russian oil imports have eased after a sharp rise in the early phase of the Ukraine war, while Russia’s fossil fuel earnings since 2022 remain substantial, according to CREA estimates. 

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