India's imports of Russian crude oil reached an all-time high in June, rising 34 percent from the previous month, even as Russia's overall oil export revenues declined, according to a report by the Centre for Research on Energy and Clean Air (CREA).
Record imports and key buyers
India purchased Russian crude worth EUR 4.5 billion in June, accounting for 83 percent of its total Russian fossil fuel imports of EUR 5.5 billion, the report said. This made India the second-largest buyer of Russian hydrocarbons after China, which imported EUR 7.3 billion worth.
The sharp increase came as India's overall crude imports rose 5.4 percent month-on-month, with Russian supplies to key refineries posting steep gains. Deliveries to Reliance Industries' Jamnagar refinery jumped 150 percent from May, while imports at Indian Oil Corp's Paradip refinery rose 126 percent. BPCL's Kochi refinery and Nayara Energy's Vadinar refinery recorded increases of 83 percent and 45 percent, respectively, CREA said.
Impact on Russia's export revenues
The surge in Indian purchases helped lift Russia's crude export volumes by 14 percent in June, even as its crude oil export revenues fell 8 percent month-on-month to EUR 348 million a day due to lower prices. Overall, Russian fossil fuel export revenues declined 1 percent to EUR 734 million per day despite a 7 percent rise in export volumes, the report added.
"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 percent 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.
Refined fuel exports to sanctioning countries
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.
"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. The cargo, valued at approximately EUR 63 million, was unloaded at the ports of Thames Haven and the Isle of Grain," it said.
Jamnagar refineries are owned and operated by Reliance Industries Ltd.
"Exports to the US originated at the Jamnagar refinery in India, the SOCAR-owned STAR refinery in Turkiye, and the Tupras Izmit refinery as well. In the prior three months, 60 percent of the Tupras Izmit refinery's crude oil feedstock and 27 percent of the Jamnagar refinery's feedstock came from Russia," it said.
Shadow fleet and sanctions
The report also highlighted the continued reliance of Russian oil exports on the so-called "shadow fleet", with 54 percent of Russia's seaborne oil transported by sanctioned shadow tankers in June, while another 43 percent was carried by G7-insured or owned vessels.
