Which countries buy Russian oil and what is the financial hit from sanctions?

The US has this week imposed new sanctions on Rosneft and Lukoil, Russiaโs largest petroleum-producing companies.
After talks to bring about an end to Vladimir Putinโs war on Ukraine appeared to come to a standstill, the Trump administration made the move to โincrease pressure on Russiaโs energy sector and degrade the Kremlinโs ability to raise revenue for its war machine and support its weakened economy.โ
So how much impact could the move have, and what are the implications for nations who rely on Russia to purchase oil?

Who buys oil from Russia?
China, India and Turkey are the biggest recipients of Russian oil that used to go to the European Union. The EUโs decision to boycott most Russian seaborne oil from January 2023 led to a massive shift in crude flows from Europe to Asia.
Since then, China has been the number one overall purchaser of Russian energy since the EU boycott, with some $219.5 billion worth of Russian oil, gas and coal, followed by India with $133.4 billion and Turkey with $90.3 billion.
China receives up to 20 per cent of their crude oil imports from Russia, Bloomberg reports, with data analytics firm Kpler suggesting one quarter of that comes from Rosneft and Lukoil.
Last year, China reportedly bought 100 million tonnes of Russia crude, and last month alone imported around 2m barrels per day.

India is another country that makes significant purchases of Russian oil, having imported relatively little before the invasion of Ukraine. Now it imports around 1.6m barrels per day.
Turkey is also a relatively big customer, while other purchasers include the EU, Myanmar, Azerbaijan and more, but itโs the deals with India and China that have the most outsized financial impact.
Analysis from the Centre for Research on Energy and Clean Air (CREA) showed the EU purchasing larger volumes of LNG and pipeline gas, while Turkey bought more oil products.
CREA analysis states China and India bought 85 per cent of all Russian crude oil exports in September.
Will the UK be affected?
The import, acquisition, and supply of Russian oil and oil products into the UK was banned in December 2022.
However, the UKโs treasury committee heard from experts last year that Russian oil is still ending up in the UK despite sanctions thanks to a loop hole.
So long as Russian oil is refined in another country, such as India, it can avoid the ban.
Richard Bronze, head of geopolitics at Energy Aspects, told MPs he estimated refined Russian oil would be โwell below 5 percentโ of the UKโs oil imports.
The UK joined the US in sanctioning Rosneft and Lukoil earlier this week.
What financial impact will the sanctions have?
As for how much of a hit Russia will take as a result of the new measures, the financial pinch may not be immediate.
The sanctions state deals with the two Russian firms must be exited or closed by 21 November, giving India and China time to make alternative arrangements – and thereโs of course the prospect that Russia re-engage with talks across that time in a bid to lift sanctions.
However, CREA analysis showeda total fossil fuel revenue for Russia of โฌ546m per day (ยฃ474m) for September.
The report also states that had full enforcement of the $47.60 per barrel price cap been in effect, Russiaโs revenues would have been decreased by โฌ1.53bn (ยฃ1.15bn) in September 2025 alone.
The most immediate impact has been a change in oil price.
Markets typically do not like uncertainty and the sanctions themselves were unexpected, so a quick upturn is not unusual in such a circumstance.

โOil markets have spiked higher after news emerged that the US was putting Russiaโs major oil producers under sanctions due to the Kremlinโs failure to move toward peace in Ukraine,โ said Steve Clayton, head of equity funds at Hargreaves Lansdown.
โBrent crude has climbed 4 per cent to almost $65 per barrel on the news, marking a dramatic recovery from recent weakness in crude markets. Americaโs new stance is in stark contrast to recent messaging from the White House and took markets by surprise.
โThe effectiveness of the sanctions is yet to be proven, but President Trump has said that the Indian PM Narendra Modi has assured him that India will cease Russian oil purchases.โ
For some context, Brent crude rose to around $77 earlier in summer when there were fears Iran could entirely close the Strait of Hormuz.
How big are Rosneft and Lukoil?
The two organisations together represent about $105bn (ยฃ80bn) combined in market capitalisation – an accepted measure of the โworthโ of a company – which is almost equally split, Rosneft slightly larger. For comparison, London-listed energy firm BP is about ยฃ66bn in size.
Russia exports about 4m barrels of oil a day and Rosneft and Lukoil account for around half of that figure. Rosneft alone is responsible for roughly 6 per cent of global oil production.