India sharply increased its purchases of Russian crude oil in November, reaching the highest level in five months despite renewed U.S. sanctions aimed at curbing Moscow’s energy revenues. According to a European think-tank report, India imported roughly EUR 2.6 billion worth of Russian crude last month—about 4 percent higher than in October. A substantial portion of these imports was refined and exported to several countries, most notably Australia.
India Becomes Russia’s Second-Largest Oil Buyer
Data from the Centre for Research on Energy and Clean Air (CREA) reveals that China remained Russia’s biggest fossil-fuel customer in November, accounting for 47 percent of exports. India followed with 38 percent, while Turkey and Europe each made up around 6 percent.
Before the Russia-Ukraine war, India relied far more on Middle Eastern suppliers. However, Western restrictions on Russian oil and steep discounts offered by Moscow reshaped global trade flows. Russia’s share in India’s total crude basket, which was under 1 percent before the conflict, surged to as high as 40 percent at its peak.
Imports Rise Even After U.S. Sanctions
The U.S. imposed sanctions on Russian giants Rosneft and Lukoil on October 22. As a result, major Indian refiners such as Reliance, HPCL, and MRPL temporarily halted Russian purchases.
But state-owned Indian Oil Corporation (IOC) continued to buy from non-sanctioned Russian suppliers. CREA reports that while private refiners cut back, state-run refiners increased their Russian crude imports by 22 percent in November.
India’s Oil Imports Serve Global Markets
As the world’s third-largest oil importer, India not only meets its domestic fuel needs but also re-exports large volumes after refining. In November, refineries in India and Turkey exported approximately EUR 807 million worth of refined petroleum products. Around EUR 301 million of this fuel originated from Russian crude processed in Indian plants.
Exports to Australia Jump 69 Percent
The report notes a sharp rise in India’s fuel exports to Australia—up 69 percent in November. All shipments originated from Reliance Industries’ Jamnagar refinery. Canada also received refined fuel made from Russian crude for the first time in eight months.
No Restrictions from Australia, Canada, or the U.S.
While the European Union prohibits the import of refined fuel derived from Russian oil, countries like Australia, Canada, and the United States have not issued similar bans. This regulatory gap enables Indian refineries to freely export Russian-origin fuels to these markets.
