This July figure marks a substantial increase from India’s average Russian crude imports of about 1.8 million bpd in 2024, reflecting Moscow’s growing significance as a crude supplier for Indian refiners.
Data from the Centre for Research on Energy and Clean Air (CREA) revealed that India imported 5.5 billion euros worth of Russian crude in July, a 2.1% increase from June in volume terms. Crude made up 87% of India’s total Russian fossil fuel purchases that month.
India ranked as the second-largest purchaser of Russian fossil fuels in July, with total imports of 6.4 billion euros worth of Russian hydrocarbons. Coal comprised 512 million euros, and oil products accounted for an additional 341 million euros.
Russia’s share in India’s crude basket rises sharply
India’s reliance on Russian crude has escalated significantly since Russia’s incursion into Ukraine in February 2022. Prior to the conflict, Russia supplied fewer than 100,000 bpd to India, making up about 2.5% of the nation’s crude imports.
This figure surged to nearly 740,000 bpd in 2022 and reached almost 1.8 million bpd in 2023, establishing Russia as India’s primary crude supplier, contributing about 39% of total imports.
The proportion climbed further in 2026, with Russian crude constituting over half of India’s total crude intake in July.
The growth persists despite an intensified sanctions framework imposed by Western countries on Russian oil exports.
Smaller Indian ports drive July surge
The notable rise in Russian crude imports during July was not propelled by increased volumes at India’s two largest receiving terminals, Jamnagar and Paradip.
Rather, imports through several lesser terminals saw a sharp increase.
Crude shipments at HMEL Mundra surged by 58% from June, while volumes at Indian Oil’s Vadinar SMPL terminal grew by 35%. Furthermore, imports through Mumbai rose by 37%.
In contrast, imports via Jamnagar remained largely stable, with volumes at Paradip dropping by 22%.
The increase at the smaller ports effectively offset the decline at Paradip, driving India’s overall Russian crude intake to unprecedented levels.
Russian crude still trades above G7 price cap
The ongoing increase in Indian purchases occurs even as the price differential of Russian crude has diminished.
CREA reported that Russia’s Urals crude averaged $60.22 a barrel in July, marking a 3% decrease from the prior month, yet still significantly above the $44.10-a-barrel G7 and EU price cap instituted in February 2026.
Russia’s crude export revenues remained broadly stable in July at about 392 million euros per day, as a 21% monthly decline in pipeline crude earnings was balanced by a 7% uptick in seaborne crude revenue.
For India, however, Russian crude continues to play a vital role as feedstock for its large refining operations.
India also remains a key refining hub for Russian oil
India’s engagement in the Russian oil market extends beyond direct crude acquisitions.
Indian refineries processing Russian crude continue to export refined petroleum products to nations that have enacted sanctions against Russia.
According to CREA, refineries in India, Turkiye, Brunei, and Georgia that process Russian crude exported 633 million euros worth of oil products to sanctioning nations in July.
Of this total, 214 million euros were destined for the European Union, 184 million euros for Australia, and 234 million euros for the United States.
CREA estimates that 284 million euros of these exports were derived from Russian crude.
Five shipments from Indian refineries utilizing Russian crude were discharged at EU ports in July, despite the bloc’s ban on imports of refined products made from Russian crude that began on January 21.
Shipments to the US also originated from India’s Jamnagar refinery, where Russian crude constituted around 35% of feedstock in the three months leading to July, as reported by CREA.
What does this mean for India?
The recent data underscores the increasing significance of Russian crude for India’s energy security and refining sector.
Since Moscow’s invasion of Ukraine, India has become the second-largest buyer of Russian crude, accounting for roughly 37% of Russia’s crude oil exports analyzed by CREA. China remains the foremost buyer, with a 50% stake.
Simultaneously, Russia’s overall oil product exports are under strain. Russian oil product loadings declined by 23% in July to 4.7 million tonnes, marking their lowest level on record and less than half of the 9.6 million tonnes recorded in July 2025.
This divergence is noteworthy: while Russia faces declining refined-product exports and stricter constraints on its energy transactions, Indian refiners are still absorbing substantial amounts of Russian crude.
For Russia, India presents a vital outlet for crude exports and an essential source of energy revenue. For Indian refiners, Russian barrels remain a crucial feedstock, particularly for large export-oriented refineries adept at processing diverse crude grades.
With inputs from PTI.
