'€144 Billion and Counting': India Emerges as Russia's Second-Largest Oil Buyer Since Ukraine War

Since the 2022 Ukraine war, India has become Russia's second-largest oil buyer after China, importing nearly €144 billion in crude. This occurred despite Western sanctions, allowing Russia to earn massive energy revenues to fund its military.

India has imported crude oil worth nearly €144 billion from Russia since the start of the Ukraine war in February 2022, emerging as Moscow's second-largest fossil fuel buyer after China, according to estimates by the Centre for Research on Energy and Clean Air (CREA).

The figures highlight how Russia continues to rake in massive energy revenues despite Western sanctions, using these earnings to sustain its prolonged military campaign in Ukraine.

Russia's war chest touches €1 trillion

CREA said Russia has earned close to €1 trillion from global fossil fuel exports since launching its full-scale invasion on February 24, 2022.

China topped the list of buyers, importing fossil fuels worth €293.7 billion, including €210.3 billion in oil along with large quantities of coal and gas. India followed with total purchases worth €162.5 billion, of which €143.88 billion came from crude oil and €18.18 billion from coal.

EU still in the picture despite sanctions

Even the European Union, which announced sweeping sanctions after the invasion, spent €218.1 billion on Russian oil, coal and gas during the same period.

The think tank noted that Russian oil continues to reach the bloc mainly through Hungary and Slovakia, while refined petroleum products made from Russian crude are still entering countries that officially enforce sanctions.

Why India turned to Russian crude

India, the world's third-largest oil importer, sharply increased purchases of discounted Russian crude after Western nations cut their imports. Russia's share in India's crude basket jumped from under one per cent before the war to almost 40 per cent at its peak.

This shift helped Indian refiners secure cheaper supplies at a time of soaring global energy prices, offering relief to both companies and consumers back home.

Fresh sanctions hit imports

The tide has begun to turn. Russia's share in India's oil imports has now slipped below 25 per cent following new US sanctions targeting major Russian exporters.

CREA data shows India's daily purchases of Russian oil from non-sanctioned entities fell to about €72.92 million in early January 2026, down from a peak of €189.07 million in July 2023.