India-Russia Fossile fuel Imports: India dropped to third place among buyers of Russian fossil fuels in December 2025 after Reliance Industries and state-owned refiners sharply reduced crude oil purchases, according to a European energy think tank.
India’s total imports of Russian hydrocarbons stood at €2.3 billion in December, down significantly from €3.3 billion in November, data released by the Centre for Research on Energy and Clean Air (CREA) showed.
The decline allowed Turkiye to overtake India as the second-largest importer, with purchases worth €2.6 billion during the month. China remained the top buyer of Russian fossil fuels.
“Turkiye displaced India as the second largest importer, purchasing €2.6 billion of Russian hydrocarbons in December,” CREA said in its latest monthly assessment.
Refinery Strategy Shift
The fall in imports was primarily driven by a sharp cutback in crude purchases by Reliance Industries, India’s largest private refiner, along with reduced buying by state-run oil marketing companies. Market watchers attribute the pullback to a combination of narrowing price discounts on Russian crude, maintenance shutdowns at refineries, and diversification toward Middle Eastern and other non-Russian suppliers.
Since the outbreak of the Ukraine conflict in 2022, India had emerged as one of the largest buyers of discounted Russian oil, dramatically increasing imports as Western sanctions reshaped global energy trade flows.
Balancing Economics and Diplomacy
India has consistently maintained that its energy procurement decisions are driven by national interest and price considerations, not geopolitical alignments. However, the December dip suggests refiners are increasingly recalibrating procurement strategies amid evolving market conditions, freight costs, and compliance considerations.
Analysts note that while Russian oil continues to play a key role in India’s energy basket, import volumes are likely to remain fluid, responding to price arbitrage rather than long-term political commitments.
CREA tracks Russian fossil fuel exports globally to assess the impact of sanctions and shifts in energy trade patterns following the Ukraine war.
Trendline:
India’s Russian crude imports have shown increasing month-to-month volatility in recent quarters, after peaking in 2023–24 on the back of steep wartime discounts. As price differentials narrowed in late 2025 and freight and compliance costs rose, refiners began scaling back spot purchases, leading to a visible decline in December. Analysts say India’s buying pattern now reflects opportunistic arbitrage rather than structural dependence, with volumes likely to rise or fall in line with discounts, refinery runs, and global demand cycles rather than fixed supply commitments.
If you want, I can also provide a one-line chart caption, policy-impact trendline, or a sanctions-focused analytical paragraph for a politico-legal or energy journal