India retained its position as the second-largest buyer of Russian crude oil in October, trailing only China, according to data from the European think tank, the Center for Research on Energy and Clean Air (CREA). The surge comes as the United States imposed sanctions on Russia’s biggest oil producers, Rosneft and Lukoil, on October 22 in a bid to pressure Moscow over the Ukraine conflict.
CREA’s report, released on November 13, revealed that India spent $2.9 billion on Russian crude in October, representing 81% of all its fossil-fuel imports from the country. Russian crude imports by India rose 11% month-on-month, while total fossil fuel imports from Moscow increased by 8%. Private refiners accounted for more than two-thirds of these purchases, but state-owned refineries nearly doubled their Russian volumes during the month.
The Vadinar refinery in Gujarat, partly owned by Rosneft and sanctioned by the EU, increased production capacity to 90% in October. Since EU sanctions took effect in July, the refinery has sourced crude exclusively from Russia. Its Russian imports jumped 32% month-on-month, reaching the highest volumes since February 2022, even as exports from the facility dropped to their lowest levels since May 2023.
On average, India imported approximately 1.8 million barrels of Russian oil per day in October. In September, Russian crude accounted for 34% of India’s total oil imports, according to Kpler data. Meanwhile, the U.S. has levied 50% tariffs on India—partly reciprocal and partly punitive—targeting the country’s continued purchases of Russian crude.
Despite the sanctions and international scrutiny, India continues to rely heavily on Russian oil to meet domestic energy needs and stabilize local fuel prices, underscoring the complexities of global energy trade in a geopolitically tense environment.
