India Spends €2.5 Billion on Russian Oil in October Ahead of Sanctions
India remained the second-largest buyer of Russian fossil fuels in October, spending €2.5 billion on crude oil, €351 million on coal, and €222 million on oil products. The surge in imports follows steep discounts on Russian oil after Western sanctions. New US sanctions on Rosneft and Lukoil have led some Indian refiners to halt imports.
India spent €2.5 billion on Russian crude oil in October, maintaining its position as the second-largest buyer of Russian fossil fuels after China, according to the Centre for Research on Energy and Clean Air (CREA). India's total imports from Russia reached €3.1 billion, with crude oil accounting for 81%, coal for 11%, and oil products for 7%. The increase in imports is attributed to steep discounts offered by Russia after Western sanctions following the Ukraine invasion. Private refiners accounted for over two-thirds of India's imports, while state-owned refineries nearly doubled their volumes. The US imposed new sanctions on Rosneft and Lukoil in October, prompting some Indian refiners to halt imports. The Rosneft-owned Vadinar refinery in Gujarat increased production to 90% in October, importing solely from Russia, but its exports dropped significantly. The price discount on Russian Urals crude narrowed to $4.92 per barrel below Brent in October. India's reliance on Russian oil has grown from under 1% to nearly 40% of its total crude imports since 2022, driven by economic incentives and reduced European demand.
