India has emerged as the second-largest buyer of Russian oil globally since the Ukraine war began, importing approximately €144 billion worth of crude oil from February 2022 through early 2025, according to a new report from the Centre for Research on Energy and Clean Air (CREA). The European think tank estimates that Russia has earned around €1 trillion from global oil sales since the February 24, 2022 invasion of Ukraine.

Global Russian Fossil Fuel Purchases

The CREA data reveals the scale of global Russian energy trade despite international sanctions. China leads as the largest buyer, while India follows as the second-largest purchaser of Russian fossil fuels.

China purchased €210.30 billion worth of Russian oil, along with significant amounts of coal and gas, bringing its total fossil fuel purchases to €293.70 billion. The European Union, despite imposing sanctions, spent €218.10 billion on Russian fossil fuels, with gas comprising the largest portion at €108.20 billion.

India's Russian Oil Import Surge

India, traditionally reliant on Middle Eastern oil suppliers, dramatically shifted its import strategy following the Ukraine invasion. The world's third-largest oil importer capitalized on steep discounts as Western sanctions reduced European demand for Russian crude. This strategic pivot increased Russia's share of India's total crude imports from under 1% to nearly 40% at its peak.

By September 2025, Russia supplied approximately 35% of all crude oil imported by India. However, this percentage has declined significantly following new US sanctions imposed on November 22, 2025, targeting major Russian oil exporters Rosneft and Lukoil.

Impact of Recent US Sanctions

The latest round of US sanctions has substantially affected India's Russian oil purchasing patterns. Daily purchases dropped from a peak of €189.07 million in July 2023 to €72.92 million at the beginning of January 2025.

Russia's share in Indian oil purchases has declined to less than 25% and may decrease further as major refiners adjust their sourcing strategies.

Corporate Response to Sanctions

Indian oil companies have responded differently to the new sanctions regime. Several major refiners have suspended Russian oil imports, while others continue purchasing from non-sanctioned entities.

Companies that halted Russian oil imports:

• Reliance Industries
• Hindustan Petroleum Corporation Ltd (HPCL)
• HPCL-Mittal Energy Ltd
• Mangalore Refinery and Petrochemicals Ltd

Companies continuing purchases from non-sanctioned entities:

• Indian Oil Corporation (IOC)
• Bharat Petroleum Corporation Ltd (BPCL)
• Nayara Energy (Rosneft-backed, already under EU sanctions)

Reliance Industries, previously a major buyer, has announced it will cease using Russian oil for fuel production destined for European markets, where imports of Russian-refined products are banned.

Ongoing Sanctions Framework

The sanctions against Russia stem from G7 countries and the EU rather than UN Security Council resolutions. Several nations, including China, India, Iran, the United Arab Emirates, Israel, and Saudi Arabia, do not support these unilateral sanctions. Even NATO member Turkey and EU candidate Serbia have refused to implement the restrictions.

The European Union's Russian fossil fuel imports have steadily declined since the December 2022 embargo on Russian crude oil and the February 2023 embargo on refined products. Currently, only Hungary and Slovakia continue importing Russian oil via pipeline derogations, while Russian gas remains unsanctioned.

CREA notes that sanctioning countries continue contributing to Russian revenues by allowing refined products made from Russian crude to enter their markets, highlighting the complexity of enforcing comprehensive energy sanctions in global commodity markets.

Nippon Life India AMC has announced a significant change in its key managerial personnel, with the retirement of Mr. Ajay Patel from his position as Manager and Key Managerial Personnel. The asset management company informed both BSE and NSE about this development through a regulatory filing on January 2, 2026.

Key Details of the Retirement

The retirement announcement provides specific details about Mr. Patel's departure from the company:

Regulatory Compliance and Documentation

The company has fulfilled its disclosure obligations under SEBI regulations by providing comprehensive information about the personnel change. The announcement was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The filing includes detailed annexure information as required under SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, ensuring complete regulatory compliance.

Company's Acknowledgment

Nippon Life India Asset Management's management has expressed its gratitude for Mr. Patel's long association with the company. The retirement follows the natural course of employment terms, with Mr. Patel reaching the age of superannuation as defined in the company's employment policies.

Impact on Operations

With Mr. Patel's retirement, he will cease to hold the positions of both Key Managerial Personnel and Senior Management Personnel within the organization. The company has completed all necessary formalities for this transition, including proper documentation and regulatory notifications to both major stock exchanges where the company's shares are listed.