India purchased ₹132 billion (about ₹13.39 lakh crore) worth of Russian oil since the Ukraine war began in early 2022, accounting for a fifth of Moscow’s ₹640 billion oil export earnings in the period, according to Finland-based Centre for Research on Energy and Clean Air (CREA).
India’s oil imports from Russia trail China’s ₹193 billion but exceed those of the EU and Turkiye at ₹105 billion and ₹71 billion, respectively, CREA said.
India also bought ₹16 billion of Russian coal, taking its total fossil fuel imports from Moscow to ₹148 billion. Russia, in all, earned ₹931 billion from exports of oil, gas, and coal since the start of the war.
China, with fossil fuel imports of ₹268 billion, has been Russia’s largest buyer, ahead of the EU (₹213 billion), India (₹148 billion), and Turkiye at ₹111 billion.
China also led in Russian coal purchases (₹39 billion), while EU topped gas imports (₹105 billion), followed by China (₹36 billion) and Turkiye (₹29 billion). India did not import gas from Russia during this period.
Western governments have repeatedly accused India and China of bankrolling Moscow’s war efforts through such purchases. But CREA’s estimates show the EU itself contributed nearly a quarter of Russia’s fossil fuel earnings since February 2022.
CREA compiles its data from multiple sources on Russian export volumes and prices, applying assumptions to arrive at estimates. It has also been pressing for tougher sanctions and stricter enforcement of oil price cap to reduce Moscow’s revenues.
Despite Western rhetoric, no outright ban has been imposed on Russian oil, keeping it available on global markets and allowing India, China, and others to buy it at discounted rates. Recently, however, the US has stepped up criticism, with Treasury Secretary Scott Bessent accusing India and some of its wealthiest families of “unacceptable opportunistic arbitrage” by buying and reselling Russian oil and reaping $16 billion in excess profit. He did not provide details on how the $16 billion excess profit was calculated.
Washington has imposed a 25 per cent penalty on Indian imports for purchasing Russian oil. India has called the penalty, which takes effect on August 27, unjustified and unreasonable. Indian refinery executives said they will continue buying Russian oil despite the threat of penalty.
