India Imports €49 Billion Worth of Russian Oil in 3rd Year of Ukraine War

India, the third-largest oil importer globally, acquired Russian crude worth €49 billion in the third year of the Ukraine war, a global think tank reported.

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India, which traditionally sourced most of its oil from the Middle East, turned to Russian crude in significant volumes after the Ukraine conflict erupted in February 2022. Western sanctions on Russia and a decline in European demand resulted in discounted Russian crude, making it an attractive option for India.

This shift saw Russian oil's share in India's total crude imports surge From under 1 per cent to about 40 per cent in a short span.

“The third year of the invasion has reinforced Russia’s grip on new markets,” stated the Centre for Research on Energy and Clean Air (CREA) in its latest findings. “China ($78 billion), India ($49 billion), and Turkey (€34 billion) were the top buyers, collectively contributing 74 per cent of Russia’s fossil fuel revenue.”

According to the report, India’s Russian oil imports grew by 8 per cent compared to the previous year.