New Delhi: India’s imports of Russian crude oil reached an all-time high in June 2026, reinforcing New Delhi’s position as one of Moscow’s most important energy buyers even as Russia’s overall earnings from oil exports declined due to lower international crude prices, according to a latest report published on July 10 by Finland-based research organisation Centre for Research on Energy and Clean Air (CREA).
The report estimated that India imported Russian crude worth EUR 4.5 billion during June, marking a 34 per cent increase compared to May. Russian crude accounted for 83 per cent of India’s total imports of Russian fossil fuels, which were valued at EUR 5.5 billion for the month. This made India the second-largest purchaser of Russian hydrocarbons after China.
India’s higher intake coincided with a 5.4 per cent month-on-month increase in the country’s total crude oil imports. Russian supplies expanded significantly across several of India’s major refining facilities, reflecting sustained demand for discounted crude.
Major refineries boost Russian oil purchases
Among the biggest increases, Reliance Industries’ Jamnagar refinery raised imports of Russian crude by 150 per cent over the previous month. Indian Oil Corporation’s Paradip refinery recorded a 126 per cent rise, while Bharat Petroleum Corporation Ltd’s Kochi refinery increased purchases by 83 per cent. Nayara Energy’s Vadinar refinery also expanded imports, with Russian crude shipments climbing 45 per cent, according to CREA.
The surge in Indian demand contributed to a 14 per cent increase in Russia’s crude oil export volumes during June. However, weaker global crude prices reduced the value of those exports. Russia’s daily crude oil export revenues fell 8 per cent month-on-month to EUR 348 million per day, despite shipping larger volumes. Overall, Russia’s fossil fuel export earnings slipped by 1 per cent to EUR 734 million per day during June, even as export volumes increased by 7 per cent, highlighting the impact of softer international energy prices on Moscow’s revenues.
CREA noted that, in addition to crude oil, India imported Russian oil products worth EUR 488 million and coal worth EUR 444 million during the month, together accounting for the remaining share of the country’s EUR 5.5 billion fossil fuel imports from Russia.
India emerges as a key refining and re-export hub for Russian crude
The report also underscored India’s expanding role in the global trade of refined petroleum products produced from Russian crude. According to the report, India has strengthened its position in the global trade of refined petroleum products by processing large volumes of Russian crude and exporting the resulting fuels to international markets. The report notes that refineries in India, along with those in Turkey, Brunei and Georgia, exported petroleum products worth EUR 814 million to countries that have imposed sanctions on Russia during June 2026, including the European Union, the United States and Australia.
CREA estimates that EUR 369 million worth of these exports were refined from Russian crude oil, highlighting India’s role as a major refining hub. The report also points out that the United Kingdom received its first shipment of jet fuel from Reliance Industries’ Jamnagar refinery, valued at around EUR 63 million, following changes in UK rules allowing imports of fuels refined from Russian crude in third countries. According to CREA, these developments illustrate how Indian refineries continue to play an increasingly important role in supplying refined petroleum products to global markets after processing Russian crude.
