India’s Significant Import of Russian Oil Amid Ukraine War
In the midst of the ongoing conflict in Ukraine, India has emerged as a significant importer of Russian oil, having purchased approximately 144 billion euros’ worth of crude oil from Russia since the war began, according to a report by the Centre for Research on Energy and Clean Air (CREA).
China, the largest buyer of Russian oil, imported Euro 210.3 billion worth of oil, along with significant amounts of coal and gas. India, on the other hand, procured Euro 162.5 billion worth of fossil fuels from Russia, making it the second-largest importer of Russian oil.
Global Impact of Russian Oil Sales
Since the invasion of Ukraine in February 2022, Russia has amassed around 1 trillion euros in revenue from global oil sales, with the European Union alone spending Euro 218.1 billion on Russian fossil fuels.
Despite sanctions imposed by G7 countries and the EU against Russia, several nations, including China, India, and others, have not implemented unilateral sanctions, leading to the continued flow of Russian oil into various markets.
India’s Oil Import Trends
India, traditionally reliant on Middle Eastern oil, saw a significant increase in Russian oil imports due to sanctions imposed by Western countries on Moscow. This surge in imports led to Russia supplying about 35% of all crude oil imported by India.
Following the imposition of new sanctions by the US on Russian oil exporters, some Indian companies, like Reliance Industries, halted imports of Russian oil. However, other refiners continued to purchase from non-sanctioned Russian entities.
Future Outlook
As global dynamics continue to evolve, India’s reliance on Russian oil may decrease further, with companies like Reliance shifting away from using Russian oil for fuel production. The impact of these changes remains to be seen as the energy landscape continues to transform.
