India’s purchases of Russian crude oil reached a fresh record in July for the second straight month, according to data compiled by the Centre for Research on Energy and Clean Air (CREA). This highlights India’s continued preference for discounted supplies from Russia despite tighter Western sanctions on Moscow’s energy exports.The US sanctions waiver on Russian crude has expired and a fresh tariff threat of up to 100% looms as the Trump administration pushes for a Russia sanctions bill that gives the American president powers to impose tariffs on biggest oil importers from Moscow.Also Read | Beijing’s billion-barrel weapon: Why India must prepare for China-driven oil pricesIndia’s reliance on Russian crude has increased sharply since Russia invaded Ukraine in February 2022. Western sanctions and the withdrawal of European buyers prompted Moscow to offer crude at steep discounts, making it increasingly attractive to Asian refiners.
India buys record high oil from Russia
CREA data shows that India imported Russian crude worth 5.5 billion euros in July, a 2.1 per cent increase over June. The increase refers to import volumes rather than the value of shipments.Russian crude made up 87 per cent of India’s total fossil fuel imports from Russia during the month. In June, India had imported Russian crude worth 4.5 billion euros, which was around 83 per cent of its overall Russian fossil fuel imports, which totalled 5.5 billion euros.
Who bought Russia’s fossil fuels in July 2026?
According to the US Energy Information Administration, Russia supplied fewer than 1,00,000 barrels per day of crude to India in 2021, accounting for around 2.5 per cent of the country’s crude imports. That figure climbed to about 7,40,000 barrels per day in 2022 before rising to nearly 1.8 million barrels per day in 2023, when Russia became India’s largest crude supplier with a 39 per cent share of total imports.India’s dependence has continued to deepen since then. In July 2026, Indian refiners imported a record 2.8 million barrels per day of Russian crude, equivalent to about 55.5 per cent of the country’s total crude imports of just over 5 million barrels per day. This compares with an average of around 1.8 million barrels per day during 2024.“India was the second-largest buyer of Russian fossil fuels in July 2026, importing a total of 6.4 billion euros worth of Russian hydrocarbons. Crude oil constituted 87 per cent of India’s purchases, totalling 5.5 billion euros. Coal (512 million euros) and oil products (341 million euro) constituted the remainder of their monthly Russian imports,” CREA said.Also Read | 100% tariffs: Why India may ignore Trump threat and continue buying Russian crude oil
Where is Russian crude headed in India?
The record rise in India’s Russian crude imports during July was driven largely by higher volumes arriving at smaller ports rather than the country’s two biggest receiving terminals, Jamnagar and Paradip.Imports handled through HMEL’s Mundra terminal increased 58 per cent from June, while deliveries at Indian Oil’s Vadinar SMPL terminal rose 35 per cent. Mumbai also recorded a 37 per cent increase in Russian crude arrivals. By contrast, volumes at Jamnagar, one of the world’s largest refining hubs, remained unchanged from the previous month, while imports through Paradip declined 22 per cent.As a result, India’s highest-ever monthly intake of Russian crude was achieved without any increase in supplies through its two largest import terminals. Higher receipts at several other ports more than compensated for the drop in volumes at Paradip.Since Russia launched its full-scale invasion of Ukraine, India has become the second-largest purchaser of Russian crude, accounting for 37 per cent of Russia’s crude oil exports during the period covered by CREA’s analysis. China remained the largest buyer with a 50 per cent share.According to CREA, the average price of Russia’s Urals crude declined 3 per cent in July to $60.22 per barrel. Even after the decline, the price remained well above the G7 and EU price cap of $44.10 per barrel that came into force in February 2026.
India a big exporter of refined crude
India’s role in Russia’s oil trade extends beyond importing crude. Indian refineries processing Russian oil continue to export significant volumes of refined petroleum products to countries that have imposed sanctions on Moscow.CREA said refineries in India, Turkiye, Brunei and Georgia that processed Russian crude exported refined oil products worth a combined 633 million euros to sanctioning countries in July. Of this amount, exports worth 214 million euros were shipped to the European Union, 184 million euros to Australia and 234 million euros to the United States. The think tank estimated that products worth 284 million euros were refined from Russian crude.India ranked among the biggest sources of these refined-product shipments. During July, five cargoes from Indian refineries processing Russian crude were discharged at ports in the European Union, despite the bloc’s prohibition on imports of oil products refined from Russian crude, which came into effect on January 21.The United States also imported refined petroleum products from India’s Jamnagar refinery, where Russian crude continued to account for a significant share of feedstock. According to CREA, Russian crude made up about 35 per cent of the refinery’s feedstock during the three months ending in July.Apart from Jamnagar, the United States received refined-product cargoes from Turkiye’s STAR refinery and Georgia’s Kulevi refinery during July.The figures underscore India’s expanding role in Russia’s oil trade, not only as one of the largest purchasers of Russian crude but also as a major refining and trading centre through which Russian oil reaches international markets in the form of refined products.
