Driven by a 10 percent monthly rise in crude purchases, India's fossil fuel imports from Russia climbed to EUR 6.4 billion in October. Crude oil accounted for 91 percent of these transactions, heavily processed by the Jamnagar, Paradip, and Vadinar refineries. Higher global energy prices simultaneously boosted Russia's overall monthly earnings by 14 percent month-on-month. Furthermore, facilities in nations like India and Turkiye exported EUR 1.6 billion worth of refined oil products directly to sanction-imposing countries.
Key points
Russia secured its highest monthly fossil fuel revenue since December 2022, averaging EUR…: Russia secured its highest monthly fossil fuel revenue since December 2022, averaging EUR 754 million per day.
A 14 percent month-on-month rise in Russian energy earnings was primarily driven by highe…: A 14 percent month-on-month rise in Russian energy earnings was primarily driven by higher international prices.
The United States imported EUR 94 million of products from India's Jamnagar refinery, whe…: The United States imported EUR 94 million of products from India's Jamnagar refinery, where Russian crude constituted 30 percent of intake.
Sources checked by our analysis pipeline: 1
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.
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