Russian oil trade: India slips to third-largest buyer in December; imports fall after refinery cuts

India fell to third place among buyers of Russian fossil fuels in December 2025 after sharp cuts in crude oil imports by Reliance Industries and state-owned refiners, a European think tank said on Tuesday.

According to data from the Centre for Research on Energy and Clean Air (CREA), India’s total imports of Russian hydrocarbons stood at 2.3 billion euros in December, down from 3.3 billion euros in November.





Turkiye overtook India to become the second-largest importer, buying Russian hydrocarbons worth 2.6 billion euros during the month.

China retained its position as the largest buyer, accounting for 48 per cent, or about 6 billion euros, of Russia’s export revenues from the top five importers.

CREA said crude oil made up 78 per cent of India’s Russian imports in December, valued at 1.8 billion euros.

Coal imports were worth 424 million euros, while oil products accounted for 82 million euros.

India’s Russian crude imports fell 29 per cent month-on-month to their lowest level since the price cap policy was introduced, despite a marginal rise in the country’s overall crude imports.

The reduction was led mainly by Reliance Industries’ Jamnagar refinery, which halved its Russian crude intake in December. “The entirety of their imports were supplied by Rosneft, albeit from cargoes purchased before the US Office of Foreign Assets Control sanctions came into effect,” CREA said, as per news agency PTI.

State-owned refiners also reduced Russian imports by around 15 per cent during the month.

The cutbacks followed fresh US sanctions on major Russian oil producers Rosneft and Lukoil, aimed at restricting funding for the Ukraine war.

As a result, companies such as Reliance Industries, HPCL, HPCL-Mittal Energy and Mangalore Refinery have halted or reduced Russian oil purchases, while Indian Oil Corporation continues buying from non-sanctioned Russian entities.

Russia supplied about 25 per cent of India’s crude oil imports in December, down from 35 per cent in November.

India had emerged as a major buyer of discounted Russian oil after Western countries imposed sanctions following Russia’s February 2022 invasion of Ukraine, sharply raising Moscow’s share in India’s crude basket.