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India's Russian Fuel Imports Drop Amid Sanctions
13 Jan
Summary
- India's Russian hydrocarbon imports fell to €2.3 billion in December.
- Crude oil, at 78% of purchases, saw a 29% month-on-month drop.
- Reliance and state refiners significantly reduced Russian crude purchases.
India's imports of Russian fossil fuels experienced a notable decline in December, falling to €2.3 billion from €3.3 billion in November. This decrease saw India drop to third place among buyers, as major refiners curtailed their crude oil purchases in response to international sanctions and price caps.
Crude oil, comprising 78% of India's purchases at €1.8 billion, saw its imports drop by 29% month-on-month, reaching their lowest volume since the price cap policy's introduction. This reduction was primarily influenced by Reliance Industries' Jamnagar refinery and a 15% decrease from state-owned refiners, lowering Russia's share of India's crude imports from 35% to approximately 25%.
Furthermore, the analysis revealed that five refineries in India, Turkiye, and Brunei processed Russian crude and exported €943 million worth of oil products to sanctioning countries. While overall exports to these nations decreased by 9%, shipments to the EU and UK fell, though those to Australia increased.
