EU was the fourth-largest buyer of Russian fossil fuels, with its imports accounting for 10% (€1.47 billion) of the top five purchasers in June 2025.
India’s pushback against US pressure on its continued purchase of Russian crude oil offers clarity at a time when global oil markets are gearing up for a shift in trade flows. New Delhi’s criticism of the West’s hypocrisy of pressuring India while they themselves continue to be major importers of Russian fossil fuels and other commodities is supported by data that the EU and US have thus far glossed over.
businessline spoke to refiners who confirmed that they have got no directive from the government to stop buying Russian crude oil. Top sources in the government said that “clear indications” are there now that India will not budge from its position that it is its sovereign right to ensure energy security.
Doublespeak
Data supports India’s assertion that the US and EU have double standards on Russian oil. According to Finland-based Centre for Research on Energy & Clean Air (CREA), EU has purchased oil, gas and coal worth around €212 billion from Russia since the Russia-Ukraine war began, accounting for 23 per cent of Russia’s total earnings from fossil fuels.
EU was the fourth-largest buyer of Russian fossil fuels, with its imports accounting for 10 per cent (€1.47 billion) of the top five purchasers in June 2025. Hungary, Belgium, France, Slovakia and Netherlands were top buyers. Almost half of these imports were Russian LNG, valued at €728 million.
From December 5, 2022, to June 2025, the EU was the largest buyer, purchasing 51 per cent of Russia’s LNG exports, followed by China (21 per cent) and Japan (18 per cent). It was the largest buyer for pipeline gas from Russia, accounting for 37 per cent, followed by China (30 per cent) and Turkiye (27 per cent), CREA data said.
In the case of crude oil, China has bought 47 per cent of Russia’s exports, followed by India (38 per cent), the EU (6 per cent), and Turkiye (6 per cent), it added.
The Indian government has also pointed out that the EU had a bilateral trade of €67.5 billion in goods with Russia last year. Its trade in services is estimated at €17.2 billion in 2023. These are “significantly” more than India’s total trade with Russia in 2024 or subsequently.
European imports of liquefied natural gas (LNG) in 2024, hit a record 16.5 million tonnes (mt), surpassing the last record of 15.21 mt in 2022. The purchase does not stop at just energy. In fact, the Europe-Russia trade includes fertilisers, mining products, chemicals, iron and steel and machinery and transport equipment.
On the other hand, the US continues to import from Russia uranium hexafluoride for its nuclear industry, palladium for its EV industry, fertilisers as well as chemicals, Indian government has said.
Self-inflicting damage
Sources pointed out that the US and EU’s intent to “target” India for effectively “balancing” global crude oil flows, which their leaders themselves supported in 2022 and 2023, is nothing short of “self-inflicting damage”. For instance, diesel cracks are already feeling the pressure at a time when EU is filling up gas storages for winters.
“It was important that India counters this doublespeak by the US and EU. Had India not done so in 2022, crude prices would have surged to $200 a barrel,” said one of the sources. As per the US EIA Brent spot price averaged $100 per barrel in 2022, while WTI price averaged at $95.
In fact, Oil Minister Hardeep Singh Puri has stated several times that stopping Russian oil could be “catastrophic” for the global economy and taking out 10 per cent of global supplies (coming from Russia) would lead to “skyrocketing” prices.
“Russian oil is not stopping and we will order at least till next month, if relations don’t deteriorate further. Refiners will go to Middle East to fill lost Russian volume. For the time being, OMCs will face some issues, but eventually flows will streamline and settle as has happened after the Russia-Ukraine and Israel-Iran conflicts. This is a very fluid situation and the government will tread with caution. But the Prime Minister has clarified no backing down. So things stand as they were when Trump started pushing us,” a senior official explained.
Published on August 7, 2025