India continued to hold its position as the world’s second-largest buyer of Russian crude oil in October—behind only China—according to new data released by the Center for Research on Energy and Clean Air (CREA), a European research organization.
This development comes despite the United States imposing sanctions on Russian energy giants Rosneft and Lukoil on October 22, as part of its ongoing effort to pressure Moscow over the Ukraine conflict.
India’s October Oil Purchases from Russia
CREA’s monthly analysis, published on November 13, revealed that India spent $2.9 billion on Russian crude oil in October, accounting for 81% of its total fossil-fuel imports from Russia.
Key findings include:
- Russian crude imports rose 11% month-on-month in October.
- Overall fossil-fuel imports increased 8% month-on-month.
- Private refiners were responsible for over two-thirds of the October imports.
- State-owned refiners nearly doubled their Russian crude intake.
Vadinar Refinery Boosts Capacity
The Vadinar refinery in Gujarat—partly owned by Rosneft and sanctioned by the European Union—operated at 90% capacity in October, according to the report. Following EU sanctions implemented in July, the refinery has relied exclusively on Russian crude.
In October, Vadinar’s Russian crude imports surged 32% month-on-month, reaching their highest levels since February 2022. However, its refined product exports dropped to their lowest point since May 2023.
India’s Reliance on Russian Oil
According to Kpler data, 34% of India’s total oil imports in September originated from Russia. An average of 1.8 million barrels of Russian crude per day arrived in India during October, underlining the country’s growing dependence on discounted Russian supplies.
Tariff Pressure from the United States
The US has imposed 50% tariffs on Indian goods—comprising 25% reciprocal duties and an additional 25% punitive tariff—citing India’s continued import of Russian oil as one of the contributing factors.
As geopolitical dynamics intensify and global energy markets remain volatile, India’s strategic balancing act between affordability, energy security, and diplomatic pressures continues to attract international attention.
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