An analysis by the Centre for Research on Energy and Clean Air (CREA) estimates that since the outbreak of the Ukraine conflict in February 2022, Russia has earned €1,002 billion (around $1.2 trillion) from fossil fuel exports. Of this, oil accounted for 68%, while gas contributed over 20% and coal more than 10%.
China has been the largest importer of Russian oil, with cumulative purchases exceeding €210 billion (around $245 billion) until Monday. India followed, spending $168 billion, and the European Union accounted for €125 billion, according to CREA’s data.
CREA’s monthly analysis further indicates that China’s cumulative spending on Russian fossil fuels reached nearly €294 billion ($343 billion), while India’s imports of oil and coal totaled over €162 billion ($190 billion). In November, China’s crude oil imports fell to €3.1 billion from €3.7 billion in October, whereas India’s imports increased slightly to €2.6 billion from €2.5 billion in the same period.
With the bill now law, global attention is on Washington to see how it proceeds. Many analysts view the US action as an attempt to pressure Russia into negotiations on terms favored by the US.
Energy policy and geopolitics expert Narendra Taneja cautioned that “the new US bill has only been passed by the US Congress and does not necessarily mean it will be implemented by the administration. We should wait and watch.”
For India, commercial interests have so far driven purchases. Russian crude remains the largest source in India’s oil basket, even as its share has reduced. With sanctions targeting companies such as Lukoil and Rosneft, Indian imports from Russia are expected to moderate in the coming months.
With inputs from TOI
