Priyanka
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India has significantly increased its crude oil purchases from Russia, spending €112.5 billion over the past three years. This surge in oil imports began after the Russia-Ukraine war started in February 2022. According to a report by the Center for Research on Energy and Clean Air (CREA), Russia has earned a total revenue of €835 billion from fossil fuel exports since the onset of the conflict.
China Leads in Russian Fuel Imports
Among global buyers, China has emerged as the top importer of Russian fossil fuels, with total purchases reaching €235 billion. The breakdown includes:
- €170 billion on oil
- €34.3 billion on coal
- €30.5 billion on natural gas
Meanwhile, India has imported €205.84 billion worth of fossil fuels from Russia from February 2022 to March 2025. Out of this, crude oil accounts for €112.5 billion, while €13.25 billion has been spent on coal imports.
India’s Heavy Dependence on Oil Imports
India is the third-largest consumer of crude oil in the world and relies on imports to meet 85% of its crude oil needs. In recent years, India's spending on crude oil imports has been substantial:
- $232.7 billion in the 2022-23 financial year
- $234.3 billion in the 2023-24 financial year
- $195.2 billion spent in the first 10 months of 2024-25
After the Ukraine war began in February 2022, India increased its oil imports from Russia due to the availability of discounted Russian crude. This was a result of sanctions imposed by Western nations, which led some European countries to reduce their reliance on Russian oil.
