EUR 6.4 billion: India’s crude oil imports from Russia hit record high in October
India's imports of Russian fossil fuels reached a record high of EUR 6.4 billion in October, driven primarily by a surge in crude oil purchases. Despite Western sanctions, Russia continues to rely heavily on Asian markets, with India and China remaining its largest customers.
Why it matters
This highlights the limitations of Western sanctions on Russian energy and underscores India's strategic energy procurement policies amidst global geopolitical tensions.
India's imports of Russian fossil fuels climbed to a record EUR 6.4 billion in October, fuelled by a steep rise in crude oil purchases, according to a monthly analysis by the Centre for Research on Energy and Clean Air (CREA).The increase has helped Russia record its highest monthly revenue from fossil fuel exports since December 2022, despite Western sanctions.China continued to lead the list of buyers worldwide. It accounted for 51% of Russia's export revenue from the five largest importing countries, with purchases worth EUR 10.7 billion.Also Read | Diversifying away from Russia: Trump admin wants to sell Venezuela oil to India, but how much can it buy?India’s record purchases from RussiaThe think tank noted that China and India, Russia's two biggest fossil fuel customers, both recorded their highest monthly purchases since January 2022.
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