China, India, Turkey Remain Top Buyers of Russian Fossil Fuels

In August, Russia's fossil fuel exports saw a decline compared to July, with revenue dropping by 8% month-on-month, according to the Center for Research on Energy and Clean Air (CREA). The country's top buyer of Russian fossil fuels during this period was China, contributing to a total revenue of €8.4 billion ($9.7 billion). Following China was India, with imports totaling €4.8 billion ($5.5 billion), and NATO member Turkey, importing €1.5 billion ($1.7 billion).

The European Union ranked fourth among the buyers, with imports amounting to €1.2 billion ($1.4 billion). However, the EU's liquefied natural gas (LNG) imports fell to their lowest level since 2022 due to sanctions. Despite this, France imported €190 million ($219 million) worth of LNG, while Hungary was the EU's largest buyer of pipeline gas, purchasing €386 million ($445 million).

Notably, 20 shipments of Russian crude oil processed in refineries in Turkey, India, and Georgia were unloaded at EU ports in August, two more than in July. The CREA attributed a 13% decrease in Russia's seaborne crude revenues from July to drone strikes on Russia's Black Sea city of Novorossiysk. The port was unable to load cargo for nine days, and August loadings were 58% lower than the previous month.

Additionally, Ukraine carried out several strikes on Russian oil refineries, including the TANЕCO oil refinery, the Perm oil refinery, and the Novokuibyshevsk refinery, causing the Orsknefteorgsintez refinery in Orsk to fully close for repairs that could take up to six months.