India paid €2 billion for Russian crude in January, half of the €4 billion spent by China during the month, according to the Helsinki-based Centre for Research on Energy and Clean Air (CREA). Chinese purchases have climbed 29 per cent over the past two months, while India’s have fallen 23 per cent, highlighting how Chinese refiners are absorbing Russian cargoes that Indian buyers are stepping back from.
China’s January purchases rose from €3.1 billion in November and €3.6 billion in December. India’s spending has declined from ₹2.6 billion in November. It, however, increased from December’s ₹1.8 billion, likely reflecting firmer average prices even as import volumes fell. Prices are influenced by movements in benchmarks as well as changes in discounts. Brent averaged $66.6 per barrel in January, up from $62.54 in December.
India imported fossil fuels worth €2.2 billion in January, including coal and refined oil products. China imported €6 billion of fossil fuels from Russia, including pipeline gas, LNG, coal and refined oil products.
“Imports of Urals grade crude-previously disfavoured by Chinese refiners-doubled in volumes in January 2026,” CREA said in its report. Urals is the main Russian crude grade imported by India.
India has been under pressure from the US to curb its oil imports from Russia. After Washington sanctioned Rosneft and Lukoil, Moscow’s two largest crude exporters, late last year Indian refiners began cutting Russian imports significantly. US President Donald Trump recently said India had agreed to halt imports of Russian oil, though the Indian side has yet to confirm this.
