India has imported Russian crude oil worth $168 billion since President Vladimir Putin launched the invasion of Ukraine in February 2022, according to the Finland-based Centre for Research on Energy and Clean Air. CREA estimates that India’s purchases totalled 144 billion euros, placing the country as the second-largest buyer of Russian oil after China.
Since the start of the war, Russia has continued to generate significant revenues from energy exports despite Western sanctions. Moscow has sold large volumes of oil to China and India and has also benefited from continued European imports through pipeline exemptions and the absence of sanctions on Russian gas. As a result, energy earnings have remained a major source of funding for the Kremlin.
CREA said this week that Russia has earned about 1 trillion euros from global fossil fuel sales as of January 2026. The organization warned that these revenues continue to finance destruction, displacement, and civilian suffering in Ukraine. Therefore, CREA urged governments to shut down Russia’s shadow tanker fleet, close refining loopholes, diversify away from Russian gas, and support a self-determined peace process in Ukraine.
US pressure forces shift in India’s oil buying strategy
India, the world’s third-largest crude oil importer, sharply increased purchases of discounted Russian oil after the invasion of Ukraine. Over nearly four years, Russia emerged as India’s single largest crude supplier, accounting for roughly one-third of total imports. Consequently, Russian oil became central to India’s energy security strategy.
However, Indian refiners have recently reduced purchases following new US sanctions targeting Russian oil giants Rosneft and Lukoil. At the same time, New Delhi has pursued a trade deal with Washington and sought to demonstrate lower dependence on Russian crude.
US President Donald Trump has repeatedly criticized India for supporting Russia’s energy revenues. In August 2025, he doubled tariffs on Indian goods from 25 percent to 50 percent to penalize continued oil purchases. Although India initially downplayed the move, refiners have cut Russian crude intake over the past two months as sanctions pressure intensified.
