New Delhi: Finnish vitality suppose tank has stirred diplomatic circles this week by naming names and laying out numbers that India has lengthy hinted at. Because the starting of the Ukraine conflict, European Union (EU) nations have contributed 23% of Russia’s fossil gas export earnings. And what’s India’s share? Solely 13%. Nonetheless, it’s New Delhi that continues to face condemnation.
Helsinki-based Centre for Analysis on Vitality and Clear Air (CREA) revealed its newest findings this week, drawing consideration to what Indian officers describe as “a obvious double commonplace”. The information present that regardless of loudly criticising India for buying discounted Russian oil, the West has continued, and even expanded, its personal vitality dealings with Moscow.
Talking anonymously, officers in New Delhi mentioned the numbers solely vindicate India’s emphasis on guaranteeing for its residents common and inexpensive vitality provides.
The timing of the report couldn’t be extra telling.
On Wednesday (August 6), the USA introduced a doubling of tariffs on Indian aluminium to 50%, citing India’s alleged position in “fuelling the Russian conflict machine”. Weeks earlier, the EU slapped sanctions on a personal Indian refiner, Nayara Vitality. However CREA’s findings flip the main focus elsewhere.
The report says Russia has earned EUR 923 billion (Rs 92,300 crore) since its invasion of Ukraine started solely from fossil fuels. EUR 212 billion (Rs 21,200 crore) of that got here from EU member states. India purchased Russian vitality value EUR 121 billion (Rs 12,100 crore) in the identical interval.
China topped the listing with greater than EUR 200 billion (Rs 20,000 crore) in purchases.
Extra putting than who’s shopping for is who’s transport.
The CREA discovered that tankers linked to the G7+ nations, which pledged to limit Russian oil flows, at the moment are carrying over half of all Russian seaborne crude. In June 2025 alone, these tankers accounted for 56% of shipments, up from 36% in January. That may be a sharp soar in six months.
These are usually not smuggled operations. Using Western-owned tankers implies full compliance with the so-called oil worth cap. Carried out by the USA and the E.U., that mechanism permits Russian oil to circulation, however solely at set costs. The thought is to restrict Kremlin revenues with out sparking a recent spike in world crude charges.
India has persistently argued that its purchases serve this very objective. By stepping in as a purchaser, it has helped stabilise world oil markets, contributing almost 9% of worldwide each day provide by way of Russian imports. With out that, Indian officers declare, vitality costs might have spiraled uncontrolled.
And there’s extra.
Regardless of an 8% improve in quantity between the primary and second quarters of 2025, Russia’s fossil gas revenues nonetheless dropped 18% year-on-year in second quarter. This marks the bottom quarterly income for the reason that invasion started, the CREA report highlights.
For Indian policymakers, the report brings public readability to what they’ve been saying privately for months. They aren’t alone in partaking with Russia. Actually, they’re removed from the highest of the listing.
So, as Washington and Brussels elevate fingers, Indian officers are pointing to the numbers. And the numbers at the moment are pointing again.