India has purchased a total of €112.5 billion worth of crude oil from Russia over the past three years. This surge in crude oil imports began after the outbreak of the Russia-Ukraine war. A European research institute, the Center for Research on Energy and Clean Air (CREA), released a report on Thursday detailing payments made to Russia for petroleum products since February 24, 2022.
According to the report, Russia has generated €835 billion in revenue from fossil fuel exports since the war began.
China Leads in Fossil Fuel Imports from Russia
China remains the top importer of Russian fossil fuels, purchasing €235 billion worth of fuel. This includes:
- €170 billion for oil
- €34.3 billion for coal
- €30.5 billion for gas
Meanwhile, India has bought a total of €205.84 billion worth of fossil fuels from Russia between February 2022 and March 2, 2025. This includes:
- €112.5 billion for crude oil
- €13.25 billion for coal
India Heavily Dependent on Crude Oil Imports
India is the third-largest crude oil consumer in the world and relies on imports for over 85% of its crude oil needs. The country’s expenditure on crude oil imports in recent years has been significant:
- $232.7 billion in the financial year 2022-23
- $234.3 billion in the financial year 2023-24
- $195.2 billion in the first 10 months of the current financial year
India ramped up its oil imports from Russia following the Ukraine war in February 2022. Due to Western sanctions and several European countries reducing Russian oil purchases, Russia offered crude oil at heavily discounted prices, making it a lucrative option for India.
