Overview
- China’s seaborne crude imports from Russia rose about 23% month on month in December, lifting total Russian oil exports by roughly 11% with ESPO purchases at a four‑month high.
- India’s Russian fossil‑fuel buys fell about 29% to €2.3 billion, with Russia’s share of India’s crude intake slipping to roughly 25% from 35% in November.
- Reliance’s Jamnagar refinery halved Russian crude intake and state refiners cut about 15%, as U.S. sanctions on Rosneft and Lukoil raised compliance risks; Reliance’s December cargoes were booked before OFAC measures took effect.
- Turkiye overtook India as the No. 2 buyer at €2.6 billion, while China accounted for about 48% of export revenue among the top five buyers.
- Russian LNG exports climbed 16% to the highest monthly level of 2025, with France up 18% and Spain up 27%; LNG revenue rose 13% even as crude export revenue fell 12%, and EU rules require Russian LNG imports to end by year‑end.