RoydadNaft –  India imported about €144 billion worth of crude oil from Russia since the start of the Ukraine war, a European think tank said on Tuesday, estimating the Kremlin’s cumulative earnings from global fossil fuel sales since February 2022 at around €1 trillion.

India has been the second-largest buyer of Russian oil behind China, according to the Centre for Research on Energy and Clean Air (CREA).

China purchased €210.3 billion worth of Russian oil since the war began in February 2022, along with €42.7 billion in coal and €40.6 billion in gas. China’s total purchases from the start of the war until January 3, 2026, amounted to €293.7 billion.

India, meanwhile, bought €162.5 billion worth of fossil fuels — including €143.88 billion in oil and €18.18 billion in coal — from Russia, CREA reported.

The European Union spent €218.1 billion on Russian fossil fuels — €106.3 billion on oil, €3.5 billion on coal, and €108.2 billion on gas.

“As of January 2026, Russia has earned €1 trillion and counting from global fossil fuel sales since the start of the full-scale invasion of Ukraine on February 24, 2022 — revenue that continues to fund displacement, destruction, and death in Ukraine,” CREA stated.

In response to Moscow’s invasion, the G7 countries (the US, UK, Canada, Japan, Italy, France, and Germany) and the EU have imposed sanctions and export controls on Russia.

However, these measures lack a UN Security Council resolution, and several nations — including China, India, Iran, the United Arab Emirates, Israel, and Saudi Arabia — do not recognize unilateral sanctions against Russia. Turkey, a NATO member, and Serbia, an EU candidate, have also declined to impose sanctions.

Russian oil continues to reach the EU, primarily Hungary and Slovakia, CREA noted. Sanctioning countries also indirectly support Russian revenues by importing refined products made from Russian crude.

“The trade persists due to Russia’s success in expanding markets for its oil, growing its aging and dangerous shadow fleet, and supplying large volumes of unsanctioned gas to EU allies in Ukraine. EU imports account for one-fifth of this €1 trillion, with Russian gas making up the majority,” the report said.

EU imports of Russian fossil fuels have declined steadily since the December 2022 embargo on crude oil and the February 2023 ban on refined products.

Some countries received exemptions to import crude via the Druzhba pipeline. As of September 2025, only Hungary and Slovakia continue importing Russian oil in the EU. Russian gas remains unsanctioned.

As the world’s third-largest oil importer, India became a major buyer of discounted Russian crude after Western nations distanced themselves from Moscow following the February 2022 invasion.

Traditionally dependent on Middle Eastern supplies, India sharply increased Russian imports as sanctions and reduced European demand offered steep discounts, raising Russia’s share from under 1% to nearly 40% of total crude imports.

Russia supplied about 35% of India’s crude oil imports before new US sanctions on major Russian exporters Rosneft and Lukoil took effect on November 22, 2025.

Russia’s share in India’s oil purchases has since fallen below 25% and could drop further this month, as key buyer Reliance Industries avoided Russian oil.

India’s daily purchases of Russian oil from non-sanctioned sources stood at around €72.92 million at the start of January, down from €130.49 million at the end of November and a peak of €189.07 million in July 2023, per CREA data.

Following the latest US sanctions, companies including Reliance, Hindustan Petroleum Corporation Ltd (HPCL), HPCL-Mittal Energy Ltd, and Mangalore Refinery and Petrochemicals Ltd have paused Russian oil imports for now.

However, refiners like Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) continue buying from non-sanctioned Russian entities. Rosneft-backed Nayara Energy, already sanctioned by the EU, keeps purchasing from Rosneft and other Russian suppliers.

While the EU has banned fuels refined from Russian oil, Australia, Canada, and the US have not yet imposed similar restrictions on such products.

Reliance, which previously exported fuels to Europe, has announced it will stop using Russian oil for export-bound production.