Surging Demand: India’s Massive €2.5 Billion Russian Oil Import in October Unpacked

According to the Centre for Research on Energy and Clean Air (CREA), India’s expenditure on Russian crude oil stood at approximately €2.5 billion in October 2025, consistent with September levels. Despite increasing sanctions by the US and EU, which targeted major Russian oil producers Rosneft and Lukoil, India continued significant imports to meet its growing energy demands.

Russian crude accounted for around 36% of India’s total crude oil imports during the period from January to September 2025, marking a sharp increase driven by discounted prices following the Ukraine conflict. Private Indian refiners—including Reliance Industries Limited 
, HPCL-Mittal Energy Ltd., and Mangalore Refinery and Petrochemicals Ltd.—accounted for the bulk of these imports, with state-owned refineries substantially increasing their volumes.

The sanctions, announced in late October, spurred refiners to accelerate purchases ahead of compliance deadlines, with Rosneft’s Vadinar refinery in Gujarat increasing production to nearly 90%. While Indian refiners benefit from the discount on Russian crude, financial analysts note that actual net gains are moderated by increased shipping, insurance, and compliance costs.

India remains committed to purchasing oil within legal frameworks, balancing economic benefits with international diplomatic sensitivities. The ongoing import flow also acts as a buffer against global oil price shocks, underscoring India’s strategic energy security stance.

Key Highlights:

India spent €2.5 billion on Russian crude oil imports in October 2025.

Maintains position as second-largest global buyer behind China.

Sanctions on Rosneft and Lukoil imposed by the US and EU in October.

Private and state refineries both increased Russian oil procurement.

Discounts on Russian crude have narrowed but remain significant.

Imports accounted for 36% of India’s total crude oil intake in 2025.

Strategic imports help mitigate global oil price volatility and inflation.

Sources: NDTV Profit, The Week, Centre for Research on Energy and Clean Air