India has imported $168 billion worth of Russian crude oil since Putin invaded Ukraine in February 2022, according to data from Finland-based Centre for Research on Energy and Clean Air (CREA).
India’s oil imports from Russia since the war in Ukraine began have reached 144 billion euros, or $168 billion, per CREA’s estimates reported by Indian media outlets.
India has been the second-biggest buyer of Russian oil behind China.
Russia, for its part, has continued to receive massive revenues from the energy it sells to China, India, and even the European Union, thanks to exemptions for pipeline oil, and no sanctions on Russian gas.
“As of January 2026, Russia has earned 1 trillion euros and counting from global fossil fuel sales since the start of the full-scale invasion of Ukraine on February 24, 2022, revenue that continues to fund displacement, destruction, and death in Ukraine,” CREA said this week.
The research organization calls for shutting down the shadow fleet and refining loophole for Russia, diversifying from Russian gas, and facilitating self-determined peace in Ukraine.
India, the world’s third-largest crude oil importer, dramatically raised its imports of cheap Russian crude following Moscow’s invasion of Ukraine.
For nearly four years, India has imported so much Russian crude that Russia became its single biggest supplier accounting for about a third of all imported crude.
However, Indian refiners have recently scaled down purchases of Russian crude oil following the U.S. sanctions on Russia’s oil giants Rosneft and Lukoil. India is also reportedly working to seal a trade deal with the United States and looking to convince the Trump Administration that it had reduced intake of Russian crude.
U.S. President Donald Trump has singled out India as a target to punish for buying large volumes of Russian crude oil and supporting the Kremlin’s energy revenues. President Trump doubled the 25% tariff on India to 50% as of August 2025, to punish it for continued purchase of Russian oil.
Initially, India appeared unfazed by the tariff, but Indian refiners have slashed Russian crude purchases in the past two months since the U.S. sanctioned Rosneft and Lukoil.
By Tsvetana Paraskova for Oilprice.com
