India’s Russian Crude Imports Hit Five-Month High as State Refiners Fill Gap
By Axel Miller | 12 Dec 2025
India’s purchases of Russian crude oil climbed to a five-month high in November as state-owned refiners stepped up buying to offset a retreat by private players wary of tightening U.S. sanctions.
According to data from the Centre for Research on Energy and Clean Air (CREA), imports rose 4% month-on-month to €2.6 billion ($2.75 billion), up from €2.5 billion in October. The data underscores India’s continued role as a critical financial lifeline for Moscow, remaining the second-largest buyer of Russian fossil fuels globally behind China.
In November, China accounted for 47% of Russia’s seaborne crude exports, while India absorbed 38%. By comparison, Turkey and the EU accounted for just 6% each.
Sanctions Reshape Flows
The uptick comes despite Washington’s October 22 decision to impose targeted sanctions on Rosneft and Lukoil, aimed at squeezing the Kremlin’s war chest. The move has fractured India’s refining landscape.
Private refiners, led by Reliance Industries, have paused purchases from the sanctioned entities to protect their exposure to Western banking systems. However, Nayara Energy (part-owned by Rosneft) is expected to continue its sourcing. In the absence of Reliance, India’s state-run refiners—led by Indian Oil Corporation (IOC)—have aggressively filled the void. Imports by state refiners jumped 22% in November, CREA data showed.
Refined Products Flow West
While direct crude trade faces scrutiny, Indian refineries continue to act as a global processing hub, converting Russian crude into fuels like diesel and jet fuel for export to sanctioning nations.
In November, refineries in India and Turkey exported €807 million worth of oil products derived partially from Russian feedstock. Key destinations included the EU (€465 million), Australia (€150 million), and the U.S. (€110 million).
Notably, shipments to Australia surged 69% month-on-month, sourced entirely from Reliance’s massive Jamnagar refinery in Gujarat. Canada also received its first shipment of such fuels in eight months. Reliance has previously stated it does not use Russian crude for products destined for the European market, adhering to EU regulations.
Brief Summary
India’s imports of Russian crude rose to €2.6 billion in November, a five-month high, driven by a 22% surge in purchases by state-owned refiners. The increase comes despite new U.S. sanctions that have forced private Indian refiners (like Reliance) to pull back. Meanwhile, India continues to export refined fuels to Western nations, including a sharp rise in shipments to Australia.
Frequently Asked Questions (FAQs)
Q1: How much Russian oil did India buy in November?
India imported €2.6 billion worth of Russian crude in November 2025, a 4% increase from October.
Q2: Why are imports rising despite new sanctions?
While private refiners (like Reliance) have paused buying from sanctioned entities like Rosneft and Lukoil, state-owned refiners (like Indian Oil Corp) have increased their purchases by 22%, effectively replacing the lost demand.
Q3: Where does the refined fuel go?
Indian refineries process the crude and export refined products (diesel, jet fuel) globally. In November, exports flowed to the EU (€465 million), Australia (€150 million), the U.S. (€110 million), and the UK (€51 million).
Q4: Is this legal?
Yes. While Western nations have banned the import of crude oil directly from Russia, many (excluding the EU) allow the import of refined products from third countries like India, even if the crude originally came from Russia. This is often called the “refining loophole”.
Q5: Who is the biggest buyer of Russian oil?
China remains the top buyer, taking 47% of Russia’s seaborne crude exports in November. India is second with 38%.
