New Delhi: India’s imports of Russian crude oil rose to a record for the second consecutive month in July, highlighting the country’s continued reliance on discounted Russian supplies despite tighter Western sanctions on Moscow’s energy exports.
Indian buyers imported Russian crude worth 5.5 billion euros in July, up 2.1 per cent from June, according to data compiled by the Centre for Research on Energy and Clean Air (CREA). Crude accounted for 87 per cent of India’s total Russian fossil fuel purchases during the month.
In volume terms, Indian refiners imported a record 2.8 million barrels per day (bpd) of Russian crude in July, accounting for around 55.5 per cent of total crude imports of just over 5 million bpd.
This compares with an average of about 1.8 million bpd in 2024. Russia supplied less than 1,00,000 bpd to India in 2021, accounting for around 2.5 per cent of crude imports.
Following Russia’s invasion of Ukraine in 2022 and the exodus of European buyers, discounted Russian crude gained increasing traction among Asian refiners. The rise in July purchases was driven largely by smaller terminals.
Imports through HMEL Mundra rose 58 per cent from June, while volumes received at Indian Oil’s Vadinar SMPL terminal increased 35 per cent. Mumbai receipts rose 37 per cent.
Imports through Jamnagar were unchanged, while Paradip volumes fell 22 per cent. India was the second-largest buyer of Russian fossil fuels in July, importing hydrocarbons worth €6.4 billion, CREA said.
China remained the largest buyer. The average price of Russia’s Urals crude fell 3 per cent in July to USD 60.22 a barrel, but remained above the USD 44.10 G7 and EU price cap that took effect in February 2026.
India’s role also extends to refining Russian crude into products exported to Western markets.
CREA said refineries in India, Turkiye, Brunei and Georgia exported €633 million worth of oil products to sanctioning countries in July, including shipments from India’s Jamnagar refinery.
