India's $15 bn oil exports to EU at risk amid new Russia sanctions
The Global Trade Research Initiative (GTRI) said that a central component of the package is a ban on the import of refined petroleum products made from Russian crude and exported via third countries, excluding only a select few allies like the US, UK, Canada, and Switzerland. This measure will hurt nations such as India, Turkey, and the UAE, which have been refining Russian crude and selling diesel, petrol, and jet fuel to Europe, it said. "India's USD 5 billion exports of petroleum products to the EU are at risk. The EU's new sanctions ban imports of refined petroleum made from Russian crude via third countries like India," GTRI Founder Ajay Srivastava said.
India exported USD 19.2 billion worth of petroleum products to the EU in FY24, but this dropped by 27.1 per cent to USD 15 billion in 2024-25, according to the think tank. It added that India imported USD 50.3 billion of crude oil from Russia in FY2025, over a third of its total USD 143.1 billion crude bills.
"Although India continues to engage in legitimate trade with Russia, the political optics of such transactions are shifting in Western capitals. As energy ties deepen, India will have to walk a fine line between economic pragmatism and geopolitical pressure," Srivastava said.
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