Overview
- CREA’s December data show Russian crude shipments to China rose 23% month on month, driving an 11% increase in total exports.
- India’s Russian crude intake fell 29% to the lowest level since the G7 price cap began, with total hydrocarbon imports down to €2.3 billion from €3.3 billion in November.
- Turkey moved into second place among buyers of Russian fossil fuels, while China remained first, accounting for about 48% of export revenues from the top five buyers (~€6 billion).
- Reliance’s Jamnagar refinery halved Russian crude purchases and state refiners cut around 15%, following OFAC actions; several firms paused or reduced purchases as Indian Oil continued sourcing from non‑sanctioned entities.
- Russian LNG flows to Europe increased, with French purchases up 18% and Spanish up 27%, lifting LNG revenues 13% as crude export revenues fell 12%, even though EU law requires ending Russian LNG imports by year‑end.