India second-biggest Russian fossil fuel buyer after China

New Delhi: India imported ₹3.3 billion worth of Russian fossil fuels in November, second only to China's ₹5.4 billion purchases, according to the Helsinki-based Centre for Research on Energy and Clean Air (CREA).

India's imports stood at ₹3.1 billion in October. The November rise was driven by an increase in crude oil imports to ₹2.6 billion from ₹2.5 billion, and coal imports to ₹457 million from ₹351 million. Imports of refined oil products also edged up to ₹236 million from ₹222 million.

Washington has been pressuring India to halt purchases of Russian crude and has imposed an additional 25% tariff on Indian exports to the US as part of its campaign. The US sanctioned Russia's top two oil exporters-Rosneft and Lukoil-in October, aiming to disincentivise buyers of Russian oil and squeeze Moscow's revenues. At the same time, Washington is pressing Ukraine to accept a deal that could bring an end to its three-year-old war with Russia.


The sanctions are beginning to affect the flow of Russian oil into global markets. In November, total crude export revenues fell 6% month-on-month to ₹216 million per day.

With purchases of ₹3.1 billion, China remained the largest buyer of Russian crude in November. It also imported coal worth ₹899 million, pipeline gas worth ₹463 million, refined products worth ₹513 million, and LNG worth ₹390 million. Turkiye imported ₹675 million worth of pipeline gas, ₹622 million of oil products, ₹290 million of crude oil, and ₹232 million of coal from Russia in November.