India's Russian crude imports jump 34 pc to record high in June
New Delhi, July 12
India's imports of Russian crude oil climbed to a record high in June, even as Russia's overall oil export revenues declined amid softer global prices, according to a report by the Centre for Research on Energy and Clean Air.
The report said India imported Russian crude worth EUR 4.5 billion during the month, a 34 per cent increase over May. Crude oil accounted for 83 per cent of India's total Russian fossil fuel imports, which stood at EUR 5.5 billion in June, making India the second-largest buyer of Russian hydrocarbons after China.
The rise in purchases came alongside a 5.4 per cent month-on-month increase in India's overall crude oil imports, with Russian supplies to several major refineries witnessing sharp growth.
Imports of Russian crude at Reliance Industries' Jamnagar refinery surged 150 per cent from the previous month, while Indian Oil Corporation's Paradip refinery recorded a 126 per cent increase. Bharat Petroleum Corporation Ltd's Kochi refinery increased imports by 83 per cent, and Nayara Energy's Vadinar refinery saw shipments rise 45 per cent, according to CREA.
The stronger demand from India helped boost Russia's crude export volumes by 14 per cent in June. However, lower crude prices weighed on export earnings, with Russia's crude oil export revenues falling 8 per cent month-on-month to EUR 348 million per day.
Overall, Russia's fossil fuel export revenues slipped 1 per cent to EUR 734 million per day despite a 7 per cent increase in export volumes during the month, the report said.
"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," CREA said, adding that oil products worth EUR 488 million and coal worth EUR 444 million made up the remainder of India's imports from Russia.
The report also highlighted India's growing role in global trade of refined petroleum products processed 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, including the European Union, Australia and the United States, during June.
— IANS
Reader Comments
Interesting that Indian refineries are processing Russian crude and then selling refined products to countries that have sanctioned Russia. That's some creative diplomacy there. But it also raises questions about who's really benefitting here.
On paper, it looks good for our economy. But I worry about over-dependence on one supplier. Remember what happened during the Gulf War? Diversification is key. Also, we need to invest more in renewable energy rather than just chasing cheap oil. Just saying.
Brilliant strategic move by the government. We're playing the game smartly - buying from Russia at discount, processing, and selling to the West. The EU can protest all they want but they're still buying our refined products. 🎯
It's pragmatic economics. India needs energy at the cheapest possible cost. The geopolitical implications are complex, but for the common person, lower fuel prices matter. If Russia is offering a deal, India would be foolish to refuse it. 🤷♂️
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