In 2022, despite severe sanctions, Russia’s crude oil exports have been higher than the 2021 levels. While the European countries have continued to source their oil from Russia at levels recorded in 2021, exports were markedly higher to non-EU and non-G7 countries such as India. In just past four months, India has imported from Russia more than half the value of crude oil it did, in the past five years put together
Moscow’s oil exports rise
The chart shows weekly exports of Russian crude oil for 2021 (blue) and 2022 (red). Following the invasion, Russia’s crude exports have been, in general, higher than 2021 despite sanctions imposed by many countries
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Buyers post war
In 2022 (red), Russian crude oil exports to European countries were similar to the levels recorded in 2021 (pink). In contrast, Russia’s crude oil exports to non-EY and non-G7 countries such as China and India have surged this year post the invasion of Ukraine
Largest importers
The chart shows the largest importers of crude oil from Russia, post the invasion of Ukraine. Since February 24, 2022 India imported Russian oil worth 3,619 million euros – sixth highest among all countries
A back-of-the-envelope calculation shows that the value of crude oil imported by India in the past four months amounted to $3.7 billion. Whereas India’s total crude oil imports from Russia in the last five years were $7.2 billion
India’s crude dependency
Traditionally, India sources its oil from West Asian countries such as Iraq, Saudi Arabia, and UAE. Between 2017 and 2021, India sourced only 1% of its crude oil needs from Russia – which ranked 14th among India’s suppliers
BRUEGEL’S ship data is from Genscape and is available using the following aggregators: Bloomberg, CREA and MarineTraffic. CREA tracked ship voyages between ports in Russia and other countries using data from MarineTraffic.com and Datalastic
Source: Russian crude oil tracker by BRUEGEL, Centre for Research on Energy and Clean Air (CREA)
Also read: Data | How much of Europe’s gas comes from Russia?
