NEW DELHI: European Union countries account for 23% of Russia's revenues from fossil fuel exports against India's 13% since the beginning of the Ukraine conflict, while G7+ tankers are currently transporting more than half of those barrels, data published by CREA ( Centre for Research on Energy and Clean Air ) shows.
Indian govt sources here said this further spotlighted Western hypocrisy in targeting India for securing its energy interests, while ignoring similar action by other countries. European Union has been procuring not just energy but also fertilizers, chemicals, iron, steel and transport equipment from Russia.
"These figures only vindicate India's emphasis on ensuring for its citizens regular and affordable energy supplies," said a source on condition of anonymity.
Seen in the backdrop of the US on Wednesday doubling tariff on India to 50% for "fuelling the Russian war machine" by buying its oil and last month's EU sanction on Indian refining entity Nayara Energy, the Finland-based independent think-tank's latest report exposes what New Delhi describes as West's "double standard" in singling out India.
The report says Moscow has raked in EUR 923 billion (92,300 crore) so far from fossil fuel exports such as oil, natural gas, coal, refined fuels and intermediaries. Of this, EUR 212 billion (21,200 crore) came from EU countries compared with EUR 121 billion (12,100 crore) from India. China remained the top bu-yer of Russian energy with a tab of over EUR 200 billion (20,000 crore).
The report points out the growing role of G7 tankers in transporting Russian oil since the EU's June sanctions. This underlines the disconnect between western policy and practice pointed out by New Delhi. "Since Jan, the G7+ share in Russian oil transport has increased from 36% to 56%," it says. More than half of Russian seaborne oil exports were transported in G7+ tankers in June, reflecting a six percentage point increase over May.
Use of western tanker fleet means those shipments were compliant with the price cap and other terms of the sanctions. India argues it has helped prevent a flare-up in oil prices by buying Russian oil, accounting for about 9% of daily global supply. That is also the key consideration that led the US and the EU to opt for a price cap - rather than choking off the flow with sanctions - for curbing funding for Moscow's war efforts without spooking the oil markets.
Overall, however, the report does say that "Russian fossil fuel revenues in second quarter of 2025 dropped by 18% year-on-year - lowest in a quarter since the invasion of Ukraine. This occurred despite an 8% increase in volumes exported in Q2 compared to Q1 of 2025."
Read | Trump tariffs: Exporters on edge, fear losing orders
Indian govt sources here said this further spotlighted Western hypocrisy in targeting India for securing its energy interests, while ignoring similar action by other countries. European Union has been procuring not just energy but also fertilizers, chemicals, iron, steel and transport equipment from Russia.
"These figures only vindicate India's emphasis on ensuring for its citizens regular and affordable energy supplies," said a source on condition of anonymity.
Seen in the backdrop of the US on Wednesday doubling tariff on India to 50% for "fuelling the Russian war machine" by buying its oil and last month's EU sanction on Indian refining entity Nayara Energy, the Finland-based independent think-tank's latest report exposes what New Delhi describes as West's "double standard" in singling out India.
The report says Moscow has raked in EUR 923 billion (92,300 crore) so far from fossil fuel exports such as oil, natural gas, coal, refined fuels and intermediaries. Of this, EUR 212 billion (21,200 crore) came from EU countries compared with EUR 121 billion (12,100 crore) from India. China remained the top bu-yer of Russian energy with a tab of over EUR 200 billion (20,000 crore).
The report points out the growing role of G7 tankers in transporting Russian oil since the EU's June sanctions. This underlines the disconnect between western policy and practice pointed out by New Delhi. "Since Jan, the G7+ share in Russian oil transport has increased from 36% to 56%," it says. More than half of Russian seaborne oil exports were transported in G7+ tankers in June, reflecting a six percentage point increase over May.
Use of western tanker fleet means those shipments were compliant with the price cap and other terms of the sanctions. India argues it has helped prevent a flare-up in oil prices by buying Russian oil, accounting for about 9% of daily global supply. That is also the key consideration that led the US and the EU to opt for a price cap - rather than choking off the flow with sanctions - for curbing funding for Moscow's war efforts without spooking the oil markets.
Overall, however, the report does say that "Russian fossil fuel revenues in second quarter of 2025 dropped by 18% year-on-year - lowest in a quarter since the invasion of Ukraine. This occurred despite an 8% increase in volumes exported in Q2 compared to Q1 of 2025."
Read | Trump tariffs: Exporters on edge, fear losing orders
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