Who Is Fuelling Moscow’s War Machine – India Or US? Finnish Think Tank Exposes Europe, West’s Duplicity On Russian Oil

A Helsinki-based think tank says Western nations, not India, are driving Russia’s fossil fuel profits, despite harsh criticism aimed at New Delhi.

Representative image (Source: TaxConcept)

New Delhi: Finnish energy think tank has stirred diplomatic circles this week by naming names and laying out numbers that India has long hinted at. Since the beginning of the Ukraine war, European Union (EU) countries have contributed 23% of Russia’s fossil fuel export earnings. And what is India’s share? Only 13%. Still, it is New Delhi that continues to face condemnation.

Helsinki-based Centre for Research on Energy and Clean Air (CREA) published its latest findings this week, drawing attention to what Indian officials describe as “a glaring double standard”. The data show that despite loudly criticising India for purchasing discounted Russian oil, the West has continued, and even expanded, its own energy dealings with Moscow.

Speaking anonymously, officials in New Delhi said the numbers only vindicate India’s emphasis on ensuring for its citizens regular and affordable energy supplies.

The timing of the report could not be more telling.

On Wednesday (August 6), the United States announced a doubling of tariffs on Indian aluminium to 50%, citing India’s alleged role in “fuelling the Russian war machine”. Weeks earlier, the EU slapped sanctions on a private Indian refiner, Nayara Energy. But CREA’s findings turn the focus elsewhere.

The report says Russia has earned EUR 923 billion (Rs 92,300 crore) since its invasion of Ukraine began solely from fossil fuels. EUR 212 billion (Rs 21,200 crore) of that came from EU member states. India bought Russian energy worth EUR 121 billion (Rs 12,100 crore) in the same period.

China topped the list with more than EUR 200 billion (Rs 20,000 crore) in purchases.

More striking than who is buying is who is shipping.

The CREA found that tankers linked to the G7+ nations, which pledged to restrict Russian oil flows, are now 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 is a sharp jump in six months.

These are not smuggled operations. The use of Western-owned tankers implies full compliance with the so-called oil price cap. Implemented by the United States and the E.U., that mechanism allows Russian oil to flow, but only at set prices. The idea is to limit Kremlin revenues without sparking a fresh spike in global crude rates.

India has consistently argued that its purchases serve this very goal. By stepping in as a buyer, it has helped stabilise world oil markets, contributing nearly 9% of global daily supply through Russian imports. Without that, Indian officials claim, energy prices could have spiraled out of control.

And there is more.

Despite an 8% increase in volume between the first and second quarters of 2025, Russia’s fossil fuel revenues still dropped 18% year-on-year in second quarter. This marks the lowest quarterly revenue since the invasion began, the CREA report highlights.

For Indian policymakers, the report brings public clarity to what they have been saying privately for months. They are not alone in engaging with Russia. In fact, they are far from the top of the list.

So, as Washington and Brussels raise fingers, Indian officials are pointing to the numbers. And the numbers are now pointing back.