India has purchased approximately 168 billion dollars worth of Russian crude oil since the onset of Moscow’s invasion of Ukraine in February 2022, according to data compiled by the Finland-based Centre for Research on Energy and Clean Air (CREA).
The accumulated value of India’s Russian oil imports throughout the conflict period stands at 144 billion euros, equivalent to 168 billion dollars, based on estimates from CREA as reported by Indian media sources. India has maintained its position as the second-largest purchaser of Russian crude behind China.
Russia has continued to generate substantial revenues from energy sales to China, India, and the European Union, with pipeline oil exemptions and the absence of sanctions on Russian gas facilitating these transactions. CREA estimates that Russia has earned approximately one trillion euros from global fossil fuel sales since the February 2022 invasion, revenue which continues to finance military operations in Ukraine.
The research organisation has called for comprehensive measures including the elimination of Russia’s shadow fleet operations, closing refining loopholes, diversification away from Russian gas supplies, and support for self-determined peace negotiations in Ukraine.
As the world’s third-largest crude oil importer, India substantially increased its purchases of discounted Russian crude following the Ukraine invasion. Over nearly four years, Russia has emerged as India’s largest single crude supplier, accounting for approximately one third of total imported crude oil.
Recent developments indicate a shift in this pattern. Indian refiners have reduced Russian crude purchases following United States sanctions targeting Russian oil companies Rosneft and Lukoil. India is reportedly negotiating a trade agreement with the United States whilst seeking to demonstrate reduced Russian crude intake to the Trump administration.
President Donald Trump has identified India as a primary target for penalties related to its substantial Russian crude purchases, which support Kremlin energy revenues. The administration doubled tariffs on India from 25 per cent to 50 per cent as of August 2025 in response to continued Russian oil imports. Whilst India initially maintained its purchasing patterns despite the tariff increase, Indian refiners have significantly reduced Russian crude acquisitions over the past two months following the imposition of sanctions on Rosneft and Lukoil.
The data from CREA underscores the continued complexity of global energy markets amid geopolitical tensions, with India’s energy security requirements balanced against increasing pressure from Western governments to curtail transactions that provide revenue streams to Moscow.
