New Delhi: India’s imports of Russian crude oil rose by 4 percent in November to reach a five-month high of €2.6 billion, the Centre for Research on Energy and Clean Air (CREA) said in its November 2025 analysis of Russian fossil fuel exports and sanctions. CREA stated that “India’s Russian crude imports recorded a 4 percent month-on-month increase to the highest volumes in five months,” with the country remaining the second-largest buyer of Russian fossil fuels after China. India imported €3.3 billion worth of Russian hydrocarbons in November, and crude oil accounted for 79 percent of those inflows.
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CREA reported that while private refiners slightly reduced their Russian crude intake in November, state-owned refiners increased imports by 22 percent month-on-month, more than offsetting the decline. The think tank said the month’s purchasing pattern indicated sustained demand for discounted Russian barrels among Indian refiners despite sanctions pressure and shifting global freight dynamics.
The report also highlighted that refined fuel produced from Russian crude continued to flow out of India to overseas markets. CREA said that refineries in India and Turkiye exported €807 million worth of oil products that were partly derived from Russian crude to destinations including the European Union, the United States, the United Kingdom, Canada and Australia. It noted that “Australia was the single biggest export destination for refineries using Russian crude … exporting €150 million of oil products to Australia in November, a 69 percent month-on-month increase.”
Russia’s fossil fuel export revenues fell to their lowest level since the full-scale invasion of Ukraine, CREA said, averaging €489 million per day in November. The think tank observed that the decline occurred even as export volumes rose modestly, reflecting deeper discounts on Russian crude and changes in market access. Crude oil export revenues fell by 6 percent in November, while seaborne crude volumes and revenues both declined. By contrast, liquefied natural gas revenues rose by 19 percent and pipeline gas revenues increased by 16 percent, underscoring differences in Russia’s pricing and supply channels.
CREA emphasised the role of price cap mechanisms, stating that “a lower price cap of USD 30 per barrel would have slashed Russia’s oil export revenue by 39 percent from the start of the EU sanctions in December 2022 until the end of November 2025.” It added that in November alone, such a cap would have reduced revenues by 33 percent.
The CREA report showed continued concentration of Russia’s fossil fuel exports among a limited group of buyers. China remained the largest importer, accounting for roughly 45 percent of Russia’s fossil fuel export revenues among the top five buyers, with crude oil as the dominant component. India followed as the second-largest buyer with €3.3 billion of imports, led overwhelmingly by crude.
Turkiye ranked third with €2.7 billion of imports, driven primarily by pipeline gas and significant volumes of oil products and crude oil. The European Union, despite sanctions and regulatory restrictions, remained the fourth-largest buyer at €1 billion, mainly through LNG and pipeline gas purchases, complemented by smaller quantities of crude and oil products. South Korea was the fifth-largest importer, with coal forming the majority of its Russian fossil fuel intake, followed by LNG and oil products. CREA observed that “Russia’s fossil fuel exports remain highly concentrated,” with each major buyer dominating specific fuel categories.
CREA detailed shifts in maritime transport, noting increasing reliance on aging and opaque shipping fleets for Russian oil exports. According to the report, 27 percent of Russian crude in November was carried by G7-plus-owned or insured tankers, while about 65 percent travelled on tankers identified as part of the “shadow fleet,” which are typically older vessels operating with limited oversight. CREA warned that the growing dependence on these ships carried environmental and regulatory risks, as many of them are inadequately maintained and operate with unclear insurance coverage.
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The report added that shadow fleet movements, diversions and transshipments continued to complicate enforcement of sanctions and price caps, allowing Russian crude to reach buyers at discounted rates while limiting transparency in trade flows.