India's Record Imports of Russian Crude Oil in June

In June, India significantly increased its imports of Russian crude oil, reaching a record high of EUR 4.5 billion. This accounted for 83% of India's total fossil fuel imports from Russia, making it the second-largest buyer after China. The surge in imports coincided with a rise in India's overall crude imports and substantial gains at key refineries. Despite a decline in Russia's oil export revenues, the increase in Indian demand contributed to a notable rise in Russia's crude export volumes. This article explores the implications of these developments in the energy market.

By Narendra Chaudhary Jul 12, 2026, 16:09 IST

Surge in Russian Crude Oil Imports

In June, India experienced a remarkable increase in its imports of Russian crude oil, which soared by 34% compared to May, reaching unprecedented levels. This surge occurred despite a drop in Russia's overall oil export revenues, as reported by the Centre for Research on Energy and Clean Air (CREA). During this month, India spent EUR 4.5 billion on Russian crude, representing 83% of its total fossil fuel imports from Russia, which amounted to EUR 5.5 billion. Consequently, India has positioned itself as the second-largest purchaser of Russian hydrocarbons, following China.

The CREA report highlighted that this significant rise in imports coincided with a 5.4% month-on-month increase in India's total crude imports. Notably, Russian crude supplies to major refineries in India saw substantial growth. For instance, deliveries to Reliance Industries' Jamnagar refinery surged by 150% from the previous month, while imports at Indian Oil Corporation's Paradip refinery increased by 126%. Additionally, BPCL's Kochi refinery and Nayara Energy's Vadinar refinery reported increases of 83% and 45%, respectively.

This spike in Indian demand contributed to a 14% rise in Russia's crude export volumes in June, even as the country's crude oil export revenues fell by 8% month-on-month to EUR 348 million daily due to declining prices. Overall, Russian fossil fuel export revenues decreased by 1% to EUR 734 million per day, despite a 7% increase in export volumes.

According to CREA, India was the second-largest buyer of Russian fossil fuels in June 2026, with total imports valued at EUR 5.5 billion. Crude oil made up 83% of these purchases, totaling EUR 4.5 billion, while oil products and coal accounted for EUR 488 million and EUR 444 million, respectively. China maintained its position as Russia's largest fossil fuel buyer in June, with purchases amounting to EUR 7.3 billion, while India followed closely behind.