India’s imports surpassed both the EU’s ₹105 billion and Turkiye’s ₹71 billion purchases. (AI image)
India has been stepping up its crude oil purchases from Russia since the Ukraine war in 2022 – a fact that has become a fresh irritannt in its ties with the US, with American President Donald Trump imposing an additional 25% tariff.According to Finland’s Centre for Research on Energy and Clean Air (CREA), India’s Russian oil purchases reached ₹132 billion (approximately ₹13.39 lakh crore) since early 2022 when the Russia-Ukraine war commenced. This represents 20% of Russia’s total oil export earnings of ₹640 billion during this period.Russian oil remains accessible in international markets without a complete prohibition, despite Western criticism, enabling nations like India and China to procure it at reduced prices. The US has recently intensified its criticism, with Treasury Secretary Scott Bessent stating that India and certain affluent Indian families engaged in “unacceptable opportunistic arbitrage” through Russian oil trade, allegedly generating $16 billion in surplus profits. The calculation method for this figure remains unexplained.The US has levied a 25% tariff on Indian imports related to Russian oil purchases. India has contested this penalty, which becomes effective on August 27, terming it unreasonable and unjustified. Indian refiners maintain their stance to continue Russian oil procurement despite the impending penalty.Additionally, India acquired Russian coal worth ₹16 billion, bringing its total fossil fuel imports from Russia to ₹148 billion. Russia’s cumulative earnings from oil, gas, and coal exports since the war’s onset reached ₹931 billion, according to an ET report quoting CREA.CREA reports show that whilst China’s Russian oil imports stood at ₹193 billion, India’s imports surpassed both the EU’s ₹105 billion and Turkiye’s ₹71 billion purchases.China emerged as Russia’s principal buyer with total fossil fuel imports of ₹268 billion, followed by the EU at ₹213 billion, India at ₹148 billion, and Turkiye at ₹111 billion.In terms of specific commodities, China led Russian coal acquisitions at ₹39 billion, whilst the EU dominated gas imports at ₹105 billion. China and Turkiye followed with gas imports of ₹36 billion and ₹29 billion respectively. India recorded no gas imports from Russia during this timeframe.The EU has contributed approximately one-fourth of Russia’s earnings from fossil fuels since February 2022, according to CREA’s findings, despite Western nations frequently criticising India and China for supporting Moscow’s military campaign through their purchases.CREA derives its estimations by analysing Russian export data from various sources, incorporating certain assumptions. The organisation advocates for more rigorous sanctions and stricter implementation of oil price limitations to curtail Moscow’s income.
