India's Russian crude imports hit record ₹49,000 crore in June, up 34% even as Moscow's oil revenues slip

Published 12 July 2026 · finance

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

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). India bought Russian crude worth EUR 4.5 billion in June, accounting for 83 per cent of its total Russian fossil fuel imports of EUR 5.5 billion, making it the second-largest buyer of Russian hydrocarbons after China, the report said. The sharp increase came as India's overall crude imports rose 5.4 per cent month-on-month, with Russian supplies to key refineries posting steep gains. Deliveries to Reliance Industries' Jamnagar refinery jumped 150 per cent from May, while imports at Indian Oil Corp's Paradip refinery rose 126 per cent. BPCL's Kochi refinery and Nayara Energy's Vadinar refinery recorded increases of 83 per cent and 45 per cent, respectively, CREA said.

The surge in Indian purchases helped lift Russia's crude export volumes by 14 per cent in June, even as its crude oil export revenues fell 8 per cent month-on-month to EUR 348 million a day due to lower prices. Overall, Russian fossil fuel export revenues declined 1 per cent to EUR 734 million per day despite a 7 per cent rise in export volumes, the report added. Also Read | OMC stocks fall up to 5.5% on sharp rebound in crude oil prices "India was the second-largest buyer of Russian fossil fuels in June 2026, importing a total of EUR 5.5 billion of Russian hydrocarbons. Crude oil constituted 83 per cent of India's purchases, totalling EUR 4.5 billion. Oil products (EUR 488 million) and coal (EUR 444 million) constituted the remainder of their monthly Russian imports," CREA said. India continued to play a key role in global trade flows of refined fuels produced from Russian crude.

Refineries in India, Turkiye, Brunei and Georgia exported oil products worth EUR 814 million to countries that have imposed sanctions on Russia in June, including the European Union, Australia and the United States. An estimated EUR 369 million of those exports were refined from Russian crude, it added. The report noted that 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. It also said the United Kingdom received its first cargo of jet fuel from Jamnagar after allowing imports of diesel and jet fuel refined from Russian crude under an exemption. Also Read | Crude oil prices extend gains on renewed US-Iran war tensions "In June 2026, the UK unloaded its first shipment of jet fuel produced at India's Jamnagar refinery following the UK Government's exemption allowing imports of diesel and jet fuel refined from Russian crude oil.