India slips to third among Russian fossil fuel buyers amid sanctions

India's Russian fossil fuel imports fell sharply in December, pushing it to third place as Reliance and state refiners cut crude purchases amid sanctions and price caps

Fossil fuel flows from Russia to India slowed in December, pushing the country to third place among buyers as major refiners scaled back crude oil imports in response to global sanctions.

 

According to an analysis by the Europe-based think tank Centre for Research on Energy and Clean Air (CREA), India’s imports of Russian hydrocarbons fell to €2.3 billion from €3.3 billion in November. Turkiye moved into second place with purchases worth €2.6 billion, while China remained the top buyer, accounting for 48 per cent of Russian export revenues from the five largest importers.

Crude oil dominates

Crude oil constituted 78 per cent of India’s purchases, totalling €1.8 billion, CREA said. Coal imports were valued at €424 million, while oil products accounted for €82 million.

 

 

Despite crude oil continuing to dominate India’s fossil fuel basket, imports dropped 29 per cent month-on-month to their lowest volumes since the price cap policy was introduced. This decline came even as India’s total fossil fuel imports from Russia grew marginally during the month, the report added.

 

In December 2025, the average price of Russia’s Urals crude fell 6 per cent to $51.9 per barrel, remaining above the new price cap of $47.6 per barrel. The cap was introduced by the European Union, the United Kingdom, Canada, Norway, Switzerland and Australia.

 

Apart from the price cap, the US imposed a 50 per cent tariff on Indian goods, which included a 25 per cent punitive duty linked to imports of Russian oil. It also sanctioned Rosneft and Lukoil, two of Russia’s largest oil producers.

 

The decline in crude imports was largely led by Reliance Industries’ Jamnagar refinery. “The entirety of their imports was supplied by Russia’s Rosneft, albeit from cargoes purchased before the US Office of Foreign Assets Control sanctions came into effect,” the report said.

 

State-owned refiners also reduced Russian crude purchases by about 15 per cent. In December, Russia accounted for roughly 25 per cent of India’s crude imports, down from 35 per cent in November.

 

Exports to sanctioning countries

The report also tracked exports of refined products made from Russian crude. In December, five refineries in India, Turkiye and Brunei that process Russian oil exported €943 million worth of oil products to sanctioning countries, CREA said.

 

Buyers included the EU, the US, the UK and Australia, with an estimated €274 million of the shipments refined from Russian crude.

 

Overall exports to sanctioning countries fell 9 per cent from November, driven by declines in shipments to the EU and the UK, although exports to Australia increased.

 

The EU ranked fourth among buyers, importing Russian fossil fuels worth €1.3 billion during the month, largely in the form of liquefied natural gas.