India emerged as the second-largest buyer of Russian crude oil in October, trailing only China, according to data compiled by the Helsinki-based Centre for Research on Energy and Clean Air (CREA).

Indian refiners imported Russian crude worth 2.5 billion dollars during the month, as Beijing maintained a clear lead with purchases valued at 3.7 billion dollars. The figures highlight India’s continued role as one of the most significant consumers of discounted Russian oil despite increasing Western scrutiny.

India’s total fossil-fuel imports from Russia, encompassing crude oil, coal, gas, and oil products, reached 3.1 billion dollars in October. In comparison, China’s overall fossil-fuel imports from Russia stood notably higher at 5.8 billion dollars, underscoring its broader energy appetite and deeper economic engagement with Moscow.

Turkey ranked third among importers, buying Russian fossil fuels worth 2.7 billion dollars, while the European Union, now largely divested from pipeline gas supplies, occupied the fourth position with 1.1 billion dollars in total imports.

Western governments, led by the United States and European powers, have continued to pressure large importers such as India and China to scale back energy purchases from Russia.

They argue that continued trade in Russian hydrocarbons helps finance Moscow’s ongoing war in Ukraine

 Despite that pressure, both Asian giants have leveraged discounted prices to secure energy supplies, citing domestic demand and energy security as overriding priorities.

In October, the United States escalated sanctions on Russia’s energy sector by blacklisting its two largest oil exporters—Rosneft and Lukoil.

These punitive measures aim to restrict Moscow’s access to international shipping, insurance, and banking networks.

Industry analysts expect the real impact of these sanctions to become visible in the December trade data, potentially curbing export flows to India and China or pushing them to seek alternative settlement mechanisms.

China also continued to dominate the purchase of Russian coal during October, ahead of India and Turkey. India imported coal from Russia worth 351 million dollars, while its imports of refined oil products totalled 222 million dollars.

These figures reflect a diversified sourcing strategy in which India continues to supplement crude imports with coal and oil derivatives for industrial and energy applications.

Turkiye demonstrated a more balanced energy mix in its Russian imports, positioning itself as a key regional energy hub. It was the largest buyer of Russian oil products in October, spending about 957 million dollars—nearly half of which went toward diesel purchases.

Additionally, Turkey imported 929 million dollars of pipeline gas and 572 million dollars of crude oil, showing consistent dependence on Russian energy despite Western pressures.

The European Union, though significantly reducing reliance on Russian fossil fuels since 2022, still imported 824 million dollars worth of Russian liquefied natural gas (LNG) and pipeline gas in October. It also bought 311 million dollars of Russian crude, suggesting a lingering dependence in certain member states where alternative sources remain limited.

South Korea rounded out the top five global importers of Russian fossil fuels. Its imports were valued at 215 million dollars, more than half of which consisted of coal, representing 53 percent of the total. The remainder comprised 107 million dollars of LNG and 80 million dollars of oil products.

The latest CREA report underscores the evolving dynamics of global energy trade following the conflict in Ukraine. Despite concerted Western efforts to choke off Russia’s hydrocarbon revenues, Moscow continues to find stable markets in Asia and the Middle East.

India’s position as the second-largest importer of Russian crude signals both resilience and pragmatism in its energy policy, as it balances international diplomatic pressures with domestic economic priorities.

Based On ET News Report