CREA Data Reveals India Bought €162.5 Billion Worth of Russian Fossil Fuels
India has purchased approximately 144 billion euros worth of crude oil from Russia since the Ukraine war, increasing its share of Russia's total oil sales. Traditionally dependent on West Asia, India received oil from Russia at a steep discount, increasing its share from 1% to 40%. China is the largest buyer of Russian oil. Reliance Industries recently announced a halt to purchases of Russian crude oil, leading to a decline in its shares.
India has acquired about 144 billion euros of crude oil from Russia since the Ukraine war. The estimated overall earnings of Russia from the sales of oil until February 2022 would amount to about one trillion euros. The Middle Eastern countries have usually been the main source of oil for the average Indian. However, since the outbreak of the Ukraine war, Russia has begun selling its oil at a substantial discount, thereby raising Russia’s share of the overall imports of crude oil from 1% to nearly 40%.
According to the European think tank Center for Research on Energy and Clean Air (CREA), India has been the second-largest buyer of Russian oil after China. Since the start of the Ukraine war, China has purchased 210.3 billion euros worth of Russian oil, 42.7 billion euros worth of coal, and 40.6 billion euros worth of gas. China's total purchases from the start of the war until January 3, 2026, amounted to 293.7 billion euros.
CREA said India purchased 162.5 billion euros worth of fossil fuels from Russia. This includes 143.88 billion euros worth of crude oil and 18.18 billion euros worth of coal. The European Union (EU) has spent 218.1 billion euros on purchasing Russian fossil fuels. It spent 106.3 billion euros on oil, 3.5 billion euros on coal, and 108.2 billion euros on gas.
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Reliance Industries Limited said on Tuesday that it has not purchased any Russian crude oil for nearly three weeks and does not expect any in January. Reliance's clarification came in response to a Bloomberg report, which cited data analytics firm Kpler as saying that at least three tankers (including approximately 2.2 million barrels of Ural oil) were headed to Sikka Port.
The Jamnagar Refining Complex receives its major share of imported oil through this port. It is presumed that the three shipments referred to in the news report may be intended for BPCL's Bina refinery. The report also impacted Reliance's shares, with its shares recording the biggest single-day decline in the past eight months, a decline of four percent. The company's valuation fell by ₹94,389 crore.
