India's Russian Crude Imports Hit Record in Jun Even as Moscow's Oil Revenues Slip

India's imports of Russian crude oil surged to a record high in June, rising 34% from the previous month despite a decline in Russia's overall oil export revenues, according to a report by the Centre for Research on Energy and Clean Air (CREA).

India bought Russian crude worth EUR 4.5 billion in June, accounting for 83% of its total Russian fossil fuel imports of EUR 5.5 billion, making it the second-largest buyer of Russian hydrocarbons after China, the report said.

The sharp increase came as India's overall crude imports rose 5.4% month-on-month, with Russian supplies to key refineries posting steep gains. Deliveries to Reliance Industries' Jamnagar refinery jumped 150% from May, while imports at Indian Oil Corp's Paradip refinery rose 126%. BPCL's Kochi refinery and Nayara Energy's Vadinar refinery recorded increases of 83% and 45%, respectively, CREA said.

The surge in Indian purchases helped lift Russia's crude export volumes by 14% in June, even as its crude oil export revenues fell 8% month-on-month to EUR 348 million a day due to lower prices. Overall, Russian fossil fuel export revenues declined 1% to EUR 734 million per day despite a 7% 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% 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.

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% of the Tupras Izmit refinery's crude oil feedstock and 27% of the Jamnagar refinery's feedstock came from Russia," it said.

China remained Russia's largest fossil fuel customer in June, accounting for EUR 7.3 billion of purchases, while India ranked second with EUR 5.5 billion, CREA said.

The report also highlighted the continued reliance of Russian oil exports on the so-called "shadow fleet", with 54% of Russia's seaborne oil transported by sanctioned shadow tankers in June, while another 43 per cent was carried by G7-insured or owned vessels.