NewsIndia Falls to Third Place Among Russian Fossil Fuel Buyers as Reliance Industries Cuts ImportsIndia Falls to Third Place Among Russian Fossil Fuel Buyers as Reliance Industries Cuts Imports
India fell to third place among Russian fossil fuel buyers in December 2025, with imports declining to €2.3 billion from €3.3 billion as Reliance Industries halved its crude purchases and state refiners reduced imports by 15%. Turkey overtook India as the second-largest buyer with €2.6 billion in purchases, while China maintained its leading position with €6 billion. The reduction follows US sanctions on Russian oil producers Rosneft and Lukoil, prompting Indian companies to reassess their import strategies despite Russia's continued role as a significant energy supplier.
*this image is generated using AI for illustrative purposes only.
India dropped to third place among buyers of Russian fossil fuels in December 2025, marking a significant shift in global energy trade patterns as major Indian refiners reduced their crude oil imports. The decline reflects the impact of recent US sanctions on Russian oil producers and strategic decisions by key Indian companies to diversify their supply sources.
Import Volume Decline
According to the Centre for Research on Energy and Clean Air, India's total Russian hydrocarbon imports fell substantially in December 2025. The data reveals a notable month-on-month reduction that repositioned the country in global rankings.
| Parameter: | December 2025 | November 2025 | Change |
|---|---|---|---|
| Total Imports: | €2.30 billion | €3.30 billion | -30.30% |
| Global Ranking: | 3rd position | 2nd position | Dropped 1 rank |
| Russian Crude Share: | 25% of total imports | 35% of total imports | -10 percentage points |
Turkey displaced India as the second-largest importer, purchasing €2.60 billion worth of Russian hydrocarbons in December. China retained its position as the top buyer, accounting for 48% or €6.00 billion of Russia's export revenues from the top five importers.
Composition of Indian Imports
India's December purchases from Russia were dominated by crude oil, which constituted the largest portion of total imports. The breakdown of imports shows the continued importance of crude oil in India's energy mix from Russian sources.
| Product Type: | Value | Share of Total |
|---|---|---|
| Crude Oil: | €1.80 billion | 78% |
| Coal: | €424.00 million | 18% |
| Oil Products: | €82.00 million | 4% |
India's Russian crude imports recorded a sharp 29% month-on-month reduction to the lowest volumes since the implementation of the price cap policy, despite total crude imports growing marginally.
Corporate Response to Sanctions
Reliance Industries led the reduction in Russian crude imports, with its Jamnagar refinery cutting imports by half in December 2025. The company's imports were entirely supplied by Russia's Rosneft from cargoes purchased before US Office of Foreign Assets Control sanctions took effect. State-owned refineries also reduced Russian imports by 15% during the same period.
The US sanctions on Rosneft and Lukoil, two of Russia's largest oil producers, have prompted several Indian companies to halt or reduce imports. Affected companies include:
- Reliance Industries
- Hindustan Petroleum Corporation Ltd (HPCL)
- HPCL-Mittal Energy Ltd
- Mangalore Refinery and Petrochemicals Ltd
However, other refiners like Indian Oil Corporation continue purchasing from non-sanctioned Russian entities.
Global Market Dynamics
India emerged as a major buyer of discounted Russian crude after Western countries imposed sanctions following Russia's February 2022 invasion of Ukraine. The country dramatically increased its Russian oil imports, with the share rising from under 1% to nearly 40% of total crude imports as sanctions made Russian barrels available at steep discounts.
| Country: | December Imports | Share of Top 5 | Primary Products |
|---|---|---|---|
| China: | €6.00 billion | 48% | Crude oil (60%), coal, pipeline gas |
| Turkey: | €2.60 billion | 21% | Mixed hydrocarbons |
| India: | €2.30 billion | 18% | Crude oil (78%), coal, oil products |
| European Union: | €1.30 billion | 10% | LNG (50%) |
| Hungary: | Not specified | Not specified | Mixed products |
Refined Product Exports
Despite reduced crude imports, Indian refineries continued exporting processed oil products to sanctioning countries. In December, five refineries in India, Turkey, and Brunei exported €943.00 million worth of oil products to sanctioning nations, with an estimated €274.00 million of these products refined from Russian crude. The exports included deliveries to the EU (€436.00 million), USA (€189.00 million), UK (€34.00 million), and Australia (€283.00 million).
