India Remains Second-Largest Buyer of Russian Fossil Fuels in January

• India purchased €2.2 billion ($2.59 billion) of Russian hydrocarbons in January, remaining the second-largest buyer.
• Overall spending declined from €2.3 billion ($2.71 billion) in December 2025, with crude oil constituting 78% of imports.
• China's crude oil imports from Russia rose by 29% over two months, while India's dropped by 23% since November.
• India's Jamnagar refinery halted Russian oil imports in January due to OFAC sanctions on Rosneft but resumed in February.
• India's Russian oil imports are projected to fall to 800,000 bpd in March, the lowest since May 2022.