A European think tank revealed on Tuesday that India fell to third position among purchasers of Russian fossil fuels during December 2025. This shift occurred after significant reductions in crude oil imports by both Reliance Industries and various state-owned refiners.
Sharp Decline in Import Values
According to fresh data from the Centre for Research on Energy and Clean Air, India's total imports of Russian hydrocarbons plummeted to 2.3 billion euros in December. This marked a substantial drop from the 3.3 billion euros recorded just one month earlier in November.
Turkey capitalized on India's decline, moving into second place with purchases worth 2.6 billion euros during the same period. China maintained its dominant position as the largest buyer. The Asian giant accounted for a striking 48 percent of Russia's export revenues from its top five importers, representing approximately 6 billion euros.
Composition of India's Russian Imports
Crude oil formed the overwhelming majority of India's Russian imports during December, constituting 78 percent of the total. This crude was valued at 1.8 billion euros. Coal imports followed at 424 million euros, while oil products accounted for a smaller portion at 82 million euros.
Despite a marginal increase in India's overall crude imports, Russian crude specifically fell by 29 percent month-on-month. This decline reached its lowest level since the implementation of the international price cap policy.
Key Players Driving the Reduction
The reduction was spearheaded primarily by Reliance Industries' massive Jamnagar refinery. This facility slashed its Russian crude intake by half during December. The think tank clarified that all of Reliance's imports came from Rosneft, though these shipments originated from cargoes purchased before recent US sanctions took effect.
State-owned refiners also contributed significantly to the downturn. These government-controlled companies reduced their Russian imports by approximately 15 percent throughout the month.
Impact of Fresh US Sanctions
These cutbacks followed new sanctions imposed by the United States on major Russian oil producers Rosneft and Lukoil. Washington designed these measures to restrict funding for the ongoing conflict in Ukraine.
As a direct consequence, several prominent Indian companies have altered their purchasing patterns. Reliance Industries, HPCL, HPCL-Mittal Energy, and Mangalore Refinery have either halted or substantially reduced their Russian oil purchases. Indian Oil Corporation continues to buy from Russian entities that remain outside the scope of current sanctions.
Changing Market Dynamics
Russia's share of India's crude oil imports dropped noticeably from 35 percent in November to about 25 percent in December. This represents a significant shift in energy sourcing patterns.
India had emerged as a major purchaser of discounted Russian oil after Western nations imposed sweeping sanctions following Russia's invasion of Ukraine in February 2022. This strategic buying had dramatically increased Moscow's portion within India's crude basket over previous years.
The latest data suggests a recalibration is now underway as geopolitical pressures and sanction regimes influence corporate decision-making within India's refining sector.
