India's Russian oil imports hit €2.5B—here's why it matters
In October 2024, India bought €2.5 billion worth of Russian crude oil, making it the world's second-biggest buyer after China.
This surge comes as India takes advantage of discounts on Russian energy while much of the West is avoiding it due to sanctions over the Ukraine war.
Sanctions? India's still buying big
Even with fresh US sanctions on major Russian oil companies like Rosneft and Lukoil, India's imports from Russia actually grew by 11% in October.
State-run refineries nearly doubled their Russian oil intake, and Gujarat's Vadinar refinery (owned by Rosneft) ran almost full-tilt on Russian crude—though its exports dropped sharply compared to last year.
From barely any to nearly half: Russia now fuels India
Before early 2022, hardly any of India's oil came from Russia—less than 1%.
Now, thanks to sanctions and steep discounts, nearly 40% does.
This shift helps India move away from relying just on Middle Eastern suppliers and keeps up with rising demand at home.