(MENAFN- KNN India) New Delhi, Nov 17 (KNN) India continued to be the second-largest buyer of Russian fossil fuels after China during the month, with total imports amounting to EUR 3.1 billion.

Crude oil accounted for 81 percent (EUR 2.5 billion) of this value, followed by coal at 11 percent and oil products at 7 percent.

According to Centre for Research on Energy and Clean Air (CREA) data reported by PTI, India's spending on Russian crude oil held steady at EUR 2.5 billion in October, the same as in September.

The United States imposed sanctions on Russian energy majors Rosneft and Lukoil on October 22, aiming to curb Moscow's ability to fund its war in Ukraine.

Following the sanctions, Indian refiners-including Reliance Industries, HPCL-Mittal Energy and Mangalore Refinery and Petrochemicals-temporarily suspended purchases, PTI reported.

Russia exported around 60 million barrels of crude in October, with Rosneft and Lukoil together responsible for 45 million barrels.

Despite the sanctions, India's crude imports from Russia rose 11 percent month-on-month, CREA said.

Private refiners accounted for more than two-thirds of the volumes, while state-run refiners nearly doubled their purchases compared to September.

The Vadinar refinery in Gujarat-owned by Rosneft and under EU and UK sanctions since July-increased its utilisation rate to 90 percent in October.

The facility has been sourcing crude exclusively from Russia, and its imports rose 32 percent month-on-month, reaching their highest level since the start of the Ukraine conflict, according to CREA.

India's dependence on Russian oil has increased sharply since the Ukraine invasion in February 2022.

With Western sanctions reducing European demand and pushing Russian crude into discounted markets, Russia's share in India's crude oil imports surged from less than 1 percent to nearly 40 percent within a few months.

(KNN Bureau)

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