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Purchases steady despite new US sanctions on Russian firms

India remains second-largest buyer of Russian fossil fuels

India, the world’s second-largest buyer of Russian oil after China , spent around 2.5 billion euros on crude purchases from Moscow in October, according to the Centre for Research on Energy and Clean Air (CREA). The spending remained unchanged from September’s 2.5 billion euros, even as the United States imposed new sanctions on major Russian oil companies.

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On October 22, the US sanctioned Rosneft and Lukoil—Russia’s leading oil producers—in an effort to restrict funds to the Kremlin amid the ongoing Ukraine conflict. Following the sanctions, Indian refiners such as Reliance Industries, HPCL-Mittal Energy, and M

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