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NEW DELHI: India's import of Russian crude recorded a crisp 29% month-on-month decline, falling to the lowest volumes since implementation of the terms headdress policy, but is making a beardown turnaround successful January this year, Centre for Research connected Energy and Clean Air (CREA) said successful its monthly investigation of Russian fossil substance exports for December.The study said the diminution occurred contempt full imports increasing marginally.
The driblet was driven by a crisp simplification successful imports by Reliance's Jamnagar refinery - to the tune of astir 49% - and a 15% chopped by state-owned refineries successful Dec. According to Kpler, a planetary real-time information and analytics provider, India imported implicit 20.4 cardinal barrels of crude from Russia successful 2025. The period of Dec saw imports of 1.2 cardinal barrels, compared with 1.8 cardinal barrels a period earlier. Till Jan 13 this year, India had already imported implicit 1.1 cardinal barrels of crude lipid from Russia.
In presumption of value, India was the third-highest purchaser of Russian fossil fuels - displaced by Turkiye from the 2nd presumption - importing a full of EUR 2.3 cardinal of Russian hydrocarbons successful Dec, CREA said successful the report. While crude lipid constituted 78% of India's purchases, totalling EUR 1.8 billion, ember (EUR 424 million) and lipid products (EUR 82 million) constituted the remainder of India's monthly imports. India's import of crude lipid was recorded astatine EUR 2.5 cardinal successful Oct and EUR 2.6 cardinal successful Nov.
The study added that the Jamnagar refinery chopped its imports from Russia by astir fractional successful Dec. "The entirety of their imports were supplied by Rosneft, albeit from cargoes purchased earlier the OFAC (Office of Foreign Assets Control successful the US) sanctions came into effect. State-owned refineries besides chopped Russian imports by 15% successful Dec," the study stated.As per CREA analysis, Russia's monthly fossil substance export revenues saw a marginal 2% month-on-month diminution to EUR 500 cardinal per time - the second-lowest fig since the full-scale penetration of Ukraine.
Monthly export volumes besides witnessed a akin 2% month-on-month reduction. Total crude lipid export revenues dropped by 12% to EUR 198 cardinal per day.Russia's fossil substance exports stay highly concentrated, with China dominating ember and crude lipid purchases, Turkiye dominating purchases of lipid products, and the EU remaining the largest purchaser of LNG and pipeline gas. While China remained the largest planetary purchaser of Russian fossil fuels successful Dec, accounting for 48% (EUR 6 billion) of Russia's export revenues from the apical 5 importers, The EU was the fourth-largest purchaser of Russian fossil fuels, accounting for 11% (EUR 1.3 billion) of Russia's export revenues from the apical 5 importers.In December, 5 refineries successful India, Turkiye and Brunei that usage Russian crude exported EUR 943 cardinal of lipid products to sanctioning countries. The importers included the EU (EUR 436 million), the US (EUR 189 million), the UK (EUR 34 million) and Australia (EUR 283 million).
