Thu Mar 06 11:34:47 UTC 2025: ## India Spent €102.5 Billion on Russian Oil Since Ukraine War: Report
**NEW DELHI** – India, the world’s third-largest oil importer, has spent a staggering €102.5 billion (approximately Rs 1.5 lakh crore) on Russian crude oil since the start of the Ukraine war, according to a new report by the Centre for Research on Energy and Clean Air (CREA).
The report, released Thursday, reveals that between February 24, 2022, and March 2, 2025, India’s purchases of Russian fossil fuels totalled €205.84 billion, including €112.5 billion for crude oil and €13.25 billion for coal. This makes India the second-largest buyer of Russian fossil fuels after China, which purchased €235 billion worth.
India’s reliance on Russian oil surged dramatically after the war began, increasing from less than 1% of its total imports to 40% at its peak. This was primarily driven by significant discounts offered by Russia due to Western sanctions. While this allowed India to secure oil at much cheaper rates, sometimes up to USD 18-20 per barrel less than market prices, the discounts have narrowed recently to under USD 3 per barrel.
The report highlights that India’s total crude oil import expenditure reached USD 232.7 billion in 2022-23 and USD 234.3 billion in 2023-24. Recent US sanctions have, however, led to a decrease in imports as India avoids sanctioned shipments. Despite this, Russia remains India’s top oil supplier.
CREA’s report also notes that some Indian refineries processed Russian crude oil into fuels like petrol and diesel, which were then exported to European and G7 countries. Overall, Russia earned €835 billion from fossil fuel exports since the beginning of the war, with India contributing significantly to this revenue.
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