| New Delhi – India remains a top buyer of Russian fossil fuels, supported by discounts that soften import bills. In September 2025, India spent 2.5 billion euros on Russian crude, about 14% less than August. India remained the second-largest buyer of Russian fossil fuels in September behind China, according to the Centre for Research on Energy and Clean Air (CREA). Initially dependent of on Middle Eastern supply for the oil, India significantly increased its imports from Russia following the February 2022 Ukraine invasion. In September, India remained the second-largest buyer of Russian fossil fuels, importing a total of EUR 3.6 billion. “Crude oil dominated India’s purchases at 77 per cent (EUR 2.5 billion), followed by coal at 13 per cent (EUR 452 million) and oil products at 10 per cent (EUR 344 million),” CREA said. India’s imports of Russian crude at about 1.6 million barrels per day were 9 per cent lower month-on-month to their lowest volumes since February, despite their total imports recording a marginal increase. State-owned refineries trimmed their purchases by 38% month on month, easing demand pressure. Despite lower volumes, India’s total crude imports nudged up slightly, signaling persistent energy needs. “Indian state-owned refineries’ Russian crude imports have dropped to the lowest levels since May 2022,” CREA said. Some Indian refineries converted Russian crude into fuels like petrol and diesel for export to Europe. This dynamic reflects a shifting global oil map, with discounts reshaping buying patterns. Russia’s attacked on Ukraine in February 2022 triggered a series of sanctions from the United States, the European Union, and other Western nations, aimed at crippling Russia’s economy. Europe’s sanctions pushed Russia to offer crude at steep discounts, boosting India’s imports. For policymakers, the trend highlights the urgency of diversifying energy sources and accelerating renewables. Businesses can seize opportunities in logistics, storage, and refining as the trade evolves. As the Ukraine conflict lingers, India’s strategy balances energy security with prudent spending. The price discount on Russian oil, sometimes as much as $18-20 per barrel lower than the market price of other oil, allowed India to procure oil at a much cheaper rate. In September, the discount on Russia’s Urals crude increased by a massive 39 per cent month-on-month, averaging $5.13 per barrel against Brent. |
India spent 2.5 billion euros to buy Russian oil in September
