India's Russian Oil Imports Decline

Since the start of the Ukraine war in February 2022, Russia has earned 1 trillion euros from global fossil fuel sales. India emerged as the second-largest buyer of Russian crude oil, importing 144 billion euros' worth, behind China, which bought 210.3 billion euros of oil. The European Union also spent 218.1 billion euros on Russian fossil fuels despite imposing sanctions. However, India's daily purchases of Russian oil have dropped significantly since July 2023, especially after the United States imposed fresh sanctions on Russian oil exporters like Rosneft and Lukoil in November 2025. Major Indian refiners such as Reliance Industries, Hindustan Petroleum, HPCL-Mittal Energy, and Mangalore Refinery and Petrochemicals Limited have halted imports of Russian oil, while Indian Oil Corporation and Bharat Petroleum continue to buy from non-sanctioned entities. Nayara Energy, backed by Rosneft, continues its purchases. The European Union has banned the import of fuel made from Russian oil, and Reliance Industries has announced it will no longer use Russian oil for fuel exports to Europe.