Which nations purchase Russian oil and what's the monetary hit from sanctions?

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Your assist makes all of the distinction. Learn extra The US has this week imposed new sanctions on Rosneft and Lukoil, Russia’s largest petroleum-producing corporations.

After talks to result in an finish to Vladimir Putin’s conflict on Ukraine appeared to return to a standstill, the Trump administration made the transfer to “improve strain on Russia’s power sector and degrade the Kremlin’s potential to boost income for its conflict machine and assist its weakened economic system.”

So how a lot impression might the transfer have, and what are the implications for nations who depend on Russia to buy oil?

<img src="https://static.independent.co.uk/2025/10/23/8/10/GettyImages-1239423619.jpeg" srcset="https://static.independent.co.uk/2025/10/23/8/10/GettyImages-1239423619.jpeg?quality=75&width=320&auto=webp 320w, https://static.independent.co.uk/2025/10/23/8/10/GettyImages-1239423619.jpeg?quality=75&width=640&auto=webp 640w" loading="lazy" alt="Campaigners have been calling on EU leaders to impose a full ban on Russian fuels since the start of the war" class="sc-1mc30lb-0 ggpMaE inline-gallery-btn"/> open picture in gallery

Campaigners have been calling on EU leaders to impose a full ban on Russian fuels for the reason that begin of the conflict (AFP through Getty Photographs) Who buys oil from Russia?

China, India and Turkey are the largest recipients of Russian oil that used to go to the European Union. The EU’s determination to boycott most Russian seaborne oil from January 2023 led to an enormous shift in crude flows from Europe to Asia.

Since then, China has been the primary general purchaser of Russian power for the reason that EU boycott, with some $219.5 billion value of Russian oil, fuel and coal, adopted by India with $133.4 billion and Turkey with $90.3 billion.

China receives as much as 20 per cent of their crude oil imports from Russia, Bloomberg reviews, with knowledge analytics agency Kpler suggesting one quarter of that comes from Rosneft and Lukoil.

Final yr, China reportedly purchased 100 million tonnes of Russia crude, and final month alone imported round 2m barrels per day.

<img src="https://static.independent.co.uk/2025/10/22/7/15/GettyImages-2230342714.jpeg" srcset="https://static.independent.co.uk/2025/10/22/7/15/GettyImages-2230342714.jpeg?quality=75&width=320&auto=webp 320w, https://static.independent.co.uk/2025/10/22/7/15/GettyImages-2230342714.jpeg?quality=75&width=640&auto=webp 640w" loading="lazy" alt="Donald Trump has imposed sanctions on Russian oil amid frustration with Vladimir Putin" class="sc-1mc30lb-0 ggpMaE inline-gallery-btn"/> open picture in gallery

Donald Trump has imposed sanctions on Russian oil amid frustration with Vladimir Putin (Getty Photographs) India is one other nation that makes vital purchases of Russian oil, having imported comparatively little earlier than the invasion of Ukraine. Now it imports round 1.6m barrels per day.

Turkey can be a comparatively huge buyer, whereas different purchasers embrace the EU, Myanmar, Azerbaijan and extra, however it’s the offers with India and China which have probably the most outsized monetary impression.

Evaluation from the Centre for Analysis on Vitality and Clear Air (CREA) confirmed the EU buying bigger volumes of LNG and pipeline fuel, whereas Turkey purchased extra oil merchandise.

CREA evaluation states China and India purchased 85 per cent of all Russian crude oil exports in September.

Will the UK be affected?

The import, acquisition, and provide of Russian oil and oil merchandise into the UK was banned in December 2022.

Nonetheless, the UK’s treasury committee heard from consultants final yr that Russian oil continues to be ending up within the UK regardless of sanctions because of a loop gap.

As long as Russian oil is refined in a foreign country, akin to India, it might keep away from the ban.

Richard Bronze, head of geopolitics at Vitality Features, advised MPs he estimated refined Russian oil could be “effectively under 5 %” of the UK’s oil imports.

The UK joined the US in sanctioning Rosneft and Lukoil earlier this week.

What monetary impression will the sanctions have?

As for the way a lot of successful Russia will take on account of the brand new measures, the monetary pinch will not be quick.

The sanctions state offers with the 2 Russian corporations should be exited or closed by 21 November, giving India and China time to make various preparations - and there’s after all the prospect that Russia re-engage with talks throughout that point in a bid to raise sanctions.

Nonetheless, CREA evaluation showeda complete fossil gas income for Russia of €546m per day (£474m) for September.

The report additionally states that had full enforcement of the $47.60 per barrel value cap been in impact, Russia’s revenues would have been decreased by €1.53bn (£1.15bn) in September 2025 alone.

Essentially the most quick impression has been a change in oil value.

Markets sometimes don't like uncertainty and the sanctions themselves had been surprising, so a fast upturn is just not uncommon in such a circumstance.

<img src="https://static.independent.co.uk/2025/08/05/09/Russia_Oil_Buyers_90540.jpg" srcset="https://static.independent.co.uk/2025/08/05/09/Russia_Oil_Buyers_90540.jpg?quality=75&width=320&auto=webp 320w, https://static.independent.co.uk/2025/08/05/09/Russia_Oil_Buyers_90540.jpg?quality=75&width=640&auto=webp 640w" loading="lazy" alt="Russian state-controlled oil giant OAO Rosneft, at Priobskoye oil field near Nefteyugansk, in western Siberia" class="sc-1mc30lb-0 ggpMaE inline-gallery-btn"/> open picture in gallery

Russian state-controlled oil big OAO Rosneft, at Priobskoye oil discipline close to Nefteyugansk, in western Siberia (Copyright 2006 The Related Press. All rights reserved) “Oil markets have spiked greater after information emerged that the US was placing Russia’s main oil producers underneath sanctions as a result of Kremlin’s failure to maneuver towards peace in Ukraine,” mentioned Steve Clayton, head of fairness funds at Hargreaves Lansdown.

“Brent crude has climbed 4 per cent to virtually $65 per barrel on the information, marking a dramatic restoration from current weak point in crude markets. America’s new stance is in stark distinction to current messaging from the White Home and took markets without warning.

“The effectiveness of the sanctions is but to be confirmed, however President Trump has mentioned that the Indian PM Narendra Modi has assured him that India will stop Russian oil purchases.”

For some context, Brent crude rose to round $77 earlier in summer season when there have been fears Iran might totally shut the Strait of Hormuz.

How huge are Rosneft and Lukoil?

The 2 organisations collectively characterize about $105bn (£80bn) mixed in market capitalisation - an accepted measure of the “value” of an organization - which is nearly equally break up, Rosneft barely bigger. For comparability, London-listed power agency BP is about £66bn in dimension.

Russia exports about 4m barrels of oil a day and Rosneft and Lukoil account for round half of that determine. Rosneft alone is liable for roughly 6 per cent of worldwide oil manufacturing.