India's Russian Crude Imports Reach Record High in June

New Delhi, India Jul 12, 2026 ALN: India's imports of Russian crude oil surged to a record high in June, rising 34 per cent from the previous month despite a decline in Russia's overall oil export revenues, according to a report by the Centre for Research on Energy and Clean Air (CREA). This significant increase in imports underscores India's growing dependency on Russian oil amidst the evolving geopolitical landscape and fluctuating global oil markets.

In June, India purchased Russian crude worth EUR 4.5 billion, which accounted for 83 per cent of its total Russian fossil fuel imports of EUR 5.5 billion. This positioned India as the second-largest buyer of Russian hydrocarbons after China, which has consistently been the largest importer of Russian fossil fuels. The ongoing conflict in Ukraine and subsequent sanctions imposed by Western nations on Russia have led to a reshaping of global oil trade dynamics, with countries like India stepping in to fill the void left by Western buyers.

The sharp increase in Indian imports coincided with an overall rise in the country's crude imports, which increased by 5.4 per cent month-on-month. Notably, Russian supplies to key Indian refineries saw steep gains, indicating a strategic pivot towards Russian crude, which is often available at discounted rates compared to other sources. Deliveries to Reliance Industries' Jamnagar refinery, one of the largest in the world, jumped by 150 per cent from May. Similarly, imports at Indian Oil Corporation's Paradip refinery rose by 126 per cent, while BPCL's Kochi refinery and Nayara Energy's Vadinar refinery recorded increases of 83 per cent and 45 per cent, respectively, as reported by CREA.

This surge in Indian purchases has had a notable impact on Russia's crude export volumes, which rose by 14 per cent in June. However, this increase occurred simultaneously with a decline in Russia's crude oil export revenues, which fell by 8 per cent month-on-month to EUR 348 million a day due to lower global prices. The overall revenues from Russian fossil fuel exports declined by 1 per cent to EUR 734 million per day, despite a 7 per cent rise in export volumes. This paradox of increased volume alongside reduced revenue illustrates the pressures faced by the Russian oil sector in the current geopolitical climate.

In the context of India's energy strategy, the country has continued to play a pivotal role in global trade flows of refined fuels produced from Russian crude. Refineries in India, along with those in Turkiye, Brunei, and Georgia, exported oil products worth EUR 814 million to countries that have imposed sanctions on Russia in June, including members of the European Union, Australia, and the United States. An estimated EUR 369 million of those exports were refined from Russian crude, highlighting India's strategic importance in the supply chain of refined products.

Despite the European Union's ban on imports of oil products made from Russian crude, two shipments from Indian refineries using Russian crude were unloaded at EU ports in June. This development raises questions about the efficacy of sanctions and the potential loopholes that exist within them. Furthermore, the United Kingdom received its first cargo of jet fuel from Jamnagar following the UK Government's exemption allowing imports of diesel and jet fuel refined from Russian crude oil. This cargo, valued at approximately EUR 63 million, was unloaded at the ports of Thames Haven and the Isle of Grain, marking a significant moment in the ongoing trade relationship between India and the UK regarding Russian oil products.

The Jamnagar refineries, owned and operated by Reliance Industries Ltd., have emerged as critical players in the international oil market. Exports to the United States originated from the Jamnagar refinery, the SOCAR-owned STAR refinery in Turkiye, and the Tupras Izmit refinery. In the prior three months, 60 per cent of the Tupras Izmit refinery's crude oil feedstock and 27 per cent of the Jamnagar refinery's feedstock came from Russia. This dependency on Russian crude raises concerns about the long-term implications for energy security and the potential risks associated with geopolitical tensions.

China remains Russia's largest fossil fuel customer in June, accounting for EUR 7.3 billion of purchases, while India ranked second with EUR 5.5 billion. This dynamic reflects a broader trend where countries are reassessing their energy partnerships in light of geopolitical shifts. As Western nations impose sanctions on Russia, countries like India and China have seized the opportunity to acquire Russian oil at discounted prices, further entrenching their positions as key players in the global energy market.

The report also highlighted the continued reliance of Russian oil exports on the so-called "shadow fleet," with 54 per cent of Russia's seaborne oil transported by sanctioned shadow tankers in June. Another 43 per cent was carried by G7-insured or owned vessels. This reliance on a shadow fleet underscores the complexities of enforcing sanctions and the lengths to which countries and companies will go to circumvent restrictions. The use of shadow tankers, which are often difficult to trace and operate outside the purview of traditional shipping regulations, poses significant challenges for regulatory authorities and complicates the global oil trade landscape.

As the geopolitical situation evolves, the implications of India's increased imports of Russian crude oil will likely resonate across multiple sectors, affecting energy security, international relations, and global oil prices. The interplay between sanctions, market dynamics, and energy needs will continue to shape the future of oil trade, particularly for countries like India that are navigating the delicate balance between energy security and geopolitical considerations.

In conclusion, India's record-high imports of Russian crude in June reflect a significant shift in the global oil trade landscape, driven by geopolitical factors and economic considerations. As India continues to engage with Russian oil, the implications for both domestic energy security and international relations will be closely monitored by analysts and policymakers alike. This situation underscores the complexities of global energy markets in an era marked by conflict, sanctions, and shifting alliances, raising critical questions about the future of energy trade and the evolving role of nations in the global economy.