India’s Russian crude imports hit record ₹ 49,000 crore in June, up 34% even as Moscow’s oil revenues fall | Today’s news

According to a report by the Center for Research on Energy and Clean Air (CREA), India’s imports of Russian crude oil jumped to a record high in June, rising 34 percent from the previous month, despite a decline in overall earnings from Russian oil exports.

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

The surge came as India’s total crude imports rose 5.4 percent month-on-month, with Russian supplies to key refiners posting steep gains. Deliveries to Reliance Industries’ Jamnagar refinery jumped 150 percent from May, while imports to Indian Oil Corp’s Paradip refinery rose 126 percent. BPCL’s Kochi refinery and Nayara Energy’s Vadinar refinery saw increases of 83 percent and 45 percent, CREA said.

A surge in Indian purchases helped lift Russia’s oil export volume by 14 percent in June, even as its oil export revenue fell 8 percent month-on-month to €348 million a day due to lower prices. Overall, Russian fossil fuel export earnings fell 1 percent to €734 million a day, despite a 7 percent increase in export volumes, the report added.

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“India was the second largest buyer of Russian fossil fuels in June 2026, importing a total of €5.5 billion of Russian hydrocarbons. Oil accounted for 83 percent of India’s total purchases of €4.5 billion. Petroleum products (€488 million) and coal (€444 million per month) accounted for their remaining CREA importer.

India continued to play a key role in global trade flows of refined fuels made from Russian crude. Refineries in India, Turkey, Brunei and Georgia exported 814 million euros worth of oil products to countries that imposed sanctions on Russia in June, including the European Union, Australia and the United States. An estimated 369 million euros of these exports were refined from Russian crude, she added.

The report said that despite the European Union’s ban on the import of petroleum products made from Russian crude, two shipments from Indian refineries using Russian crude were unloaded at EU ports in June. It also said that the UK had received its first shipment of jet fuel from Jamnagar after allowing the import of diesel and jet fuel refined from Russian crude under a waiver.

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“In June 2026, the UK unloaded its first shipment of jet fuel produced at India’s Jamnagar refinery after the UK government granted an exemption allowing the import of diesel and jet fuel refined from Russian crude oil. The cargo, worth around €63 million, was unloaded at Thames Haven and Isle of Grain ports,” it said.

Jamnagar Refinery is owned and operated by Reliance Industries Ltd.

“Exports to the US came from the Jamnagar refinery in India, the SOCAR-owned STAR refinery in Turkey and also from the Tupras Izmit refinery. In the previous three months, 60 percent of the Tupras Izmit refinery’s crude oil and 27 percent of the Jamnagar refinery’s crude came.

China remained Russia’s largest buyer of fossil fuels in June with a €7.3 billion purchase, while India came second with €5.5 billion, CREA said.

The report also highlighted Russia’s continued reliance on oil exports on so-called “shadow fleets,” with 54 percent of Russian seaborne oil carried by sanctioned shadow tankers in June, while another 43 percent was carried by ships insured or owned by the G7.

Disclaimer: This story was published from the agency’s news feed without editing the text. Only the title was changed.

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