Data released from the U.S. Energy Information Administration (EIA) shows that since Russia’s 2022 invasion of Ukraine, its crude exports have shifted sharply to Asia.
In 2024, 81% of Russia’s crude went to Asia and Oceania—up from 40% in 2021—while Europe’s share dropped to 12% from 50%. Türkiye received over half of Russia’s exports to Europe in 2024 and first half of 2025.
Who’s buying most of Russia’s oil now?
China remains the largest buyer of Russia’s crude oil and condensate with roughly 2 million barrels per day (bpd) in the first half of 2025—nearly matching its total imports of 2.2 million bpd for all of 2024.
Following China is India, which imported an average of 1.6 million barrels per day in the first half of 2025. India’s share of Russia’s crude oil and condensate imports has increased from 14% in 2022 to 36% in 2024. None of these countries were a part of the sanctions effort.
What changed for India?
India fulfills 90% of its oil demand through imports from 40 countries. Before 2022, India relied on Iraq and Saudi Arabia.
But sanctions rerouted Russian crude—often at discounts—making it increasingly attractive. By 2024, Russia supplied about one-third of India’s oil.
So, what’s next on the tariff front?
India’s growing reliance on Russian oil has pushed President Trump to add 25% import taxes on India, bringing combined tariffs to 50%, higher than any other Asian country. The duty takes effect 21 days after the executive order (around August 27, 2025), with standard in‑transit exceptions.
A response from India’s foreign ministry on Wednesday said Delhi made clear its stance on Russian imports, reiterating that the tariff is “unfair, unjustified and unreasonable.”
In September 2022, then–U.S. Treasury Secretary Janet Yellen issued a statement saying the Group of Seven, or G7 “took a critical step forward in achieving our dual goals of putting downward pressure on global energy prices while denying Putin revenue to fund his brutal war in Ukraine.”
By committing to finalize and implement a price cap, the G7 will significantly reduce Russia’s main source of funding for its illegal war, while maintaining supplies to global energy markets by keeping Russian oil flowing at lower prices.
Last year, Eric Garcetti, the U.S. ambassador to India under former President Joe Biden, said India bought Russian oil under the price-cap design, keeping prices low while targeting Russian revenue.
“They [India] bought Russian oil because we wanted someone to buy Russian oil at a price cap – that was not a violation or anything, that was actually the design of the policy, because as a commodity, we did not want the price of oil to go up,” Garcetti had said at the Washington-based Council on Foreign Relations in May 2024. “They fulfilled that.”
For starters, the U.S. runs a a $45 billion trade deficit with India and current U.S. President has repeatedly criticized India for high tariffs on variety of products, including agricultural and dairy goods.
“We have, over the years, done relatively little business with them because their Tariffs are far too high,” Trump said in a social media post on Wednesday.
Implementation of the additional tariffs or other sanctions will likely affect future export volumes out of Russia but could also probe further discussions into whether U.S. and Europe import Russian oil through any loopholes in the embargo.
Fresh developments: On Aug. 8, 2025, India and Russia reviewed the “progress in the bilateral agenda, and reaffirmed their commitment to further deepen the Special and Privileged Strategic Partnership between India and Russia.”
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