India Continues to Rank as World's Second-Largest Buyer of Russian Fossil Fuels, January Imports Total $2.59 Billion

Russian Energy Exports to India and China Decline in January 2026

Key Figures:

• €2.2 billion ($2.59 billion): Total value of Russian energy products imported by India in January 2026
• €2.3 billion ($2.71 billion): Total value of Russian energy products imported by India in December 2025
• €4 billion ($4.71 billion): Value of Chinese crude oil imports from Russia in January 2026
• $54.2 per barrel: Average price of Russia's Urals crude in January 2026
• $44.1 per barrel: EU and UK price cap for Russian crude

India's Russian Energy Imports Decline

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In January 2026, India remained the second-largest buyer of Russian energy products, with a total value of €2.2 billion ($2.59 billion), a decline from €2.3 billion ($2.71 billion) in December 2025. Crude oil constituted the largest share of imports at 78%, with a value of €2 billion ($2.36 billion). Coal imports accounted for €442 million ($520.6 million), while oil products worth €30 million ($35.3 million) made up the remainder.

China's Russian Energy Imports Rise

China saw a 29% increase in its crude oil imports from Russia over the last two months, with a total value of €4 billion ($4.71 billion) in January 2026, constituting 16% of its total imports. The country's imports of Urals grade crude doubled in volumes in January 2026, with the highest volumes imported ever.

Impact of Sanctions and Price Caps

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The Office of Foreign Assets Control (OFAC) sanctions on Rosneft, a major supplier to India's Jamnagar refinery, led to a cut-off of Russian oil imports in January 2026. However, the refinery resumed purchases in February with three shipments reported. The average price of Russia's Urals crude rose by 4% to $54.2 per barrel in January 2026, remaining above the EU and UK price cap of $44.1 per barrel, which took effect on February 1.

European Union's Ban on Russian Oil Products

The European Union's ban on imports of oil products made from Russian crude came into effect on January 21, 2026, leading to a complete cut-off of Russian feedstock for Indian refineries that export to the EU. India's import of Russian oil is expected to fall to 800,000 barrels per day in March, its lowest level since May 2022.