India slips to third among Russian oil buyers as US sanctions hit flows

RIL has cut Russian oil imports by 49 per cent, while the state-run refineries reduced it by 15 per cent in the month, said CREA

India slipped to third place among buyers of Russian fossil fuels in December 2025, with Türkiye overtaking the country to become the second-largest purchaser, according to the Centre for Research on Energy and Clean Air (CREA), a European research organisation.

 

The country’s Russian crude imports recorded a 29 per cent month-on-month reduction to the lowest volumes in December since the implementation of the $60-per-barrel price cap policy.

 

Indian refiners have scaled back purchases of Russian oil following US sanctions on two major producers, Rosneft and Lukoil, which accounted for around 60 per cent of New Delhi’s crude oil supply from Moscow.

 

Mukesh Ambani-led Reliance Industries Limited (RIL) has cut Russian oil imports by 49 per cent while the state-run refineries reduced the imports by 15 per cent during the month, said CREA.

 

India imported a total of 2.3 billion euros of Russian hydrocarbons in December, with crude oil purchases amounting to 1.8 billion euros, while coal and petroleum products’ purchases stood at 424 million euros and 82 million euros, respectively, said CREA.

 

India currently accounts for 38 per cent of Russia’s crude oil exports, while China holds the largest share at 47 per cent. Turkey and the EU each account for 6 per cent.

 

Türkiye replaced India as the second largest importer, purchasing 2.6 billion euros of Russian hydrocarbons in December. Refined oil products constituted the largest share at 44 per cent, amounting to 1.1 billion euros, followed by pipeline gas at 989 million euros. Crude oil and coal constituted the remainder of Turkey’s fossil fuel imports from Russia.

 

Meanwhile, China remained the largest global buyer of Russian fossil fuels in December, accounting for 48 per cent of Russia’s export revenues from the top five importers. Crude oil made up 60 per cent of China’s purchases amounting to 3.6 billion euros, followed by coal at 15 per cent and pipeline gas at 12 per cent. Refined oil products and liquefied natural gas (LNG) constituted the remainder of imports.

 

In December, Russia’s monthly fossil fuel export revenues saw a marginal 2 per cent month-on-month decline to 500 million euros per day. Russia’s total crude oil export revenues dropped by 12 per cent to 198 million euros per day, while LNG revenues increased by 13 per cent in the month as France and Spain increased their imports of Russian LNG by 18 per cent and 27 per cent, respectively.

 

Russia’s fossil fuel exports remain highly concentrated, with China dominating coal and crude oil purchases, Türkiye dominating purchases of oil products, and the EU remaining the largest buyer of LNG and pipeline gas, said CREA.