India's Russian Crude Imports Soar to Record High in June Despite Moscow's Revenue Dip

India's imports of Russian crude oil climbed to an all-time high in June , even as Russia's earnings from oil exports declined due to softer global prices, according to a report by the Centre for Research on Energy and Clean Air (CREA) .

The report said India imported Russian crude worth EUR 4.5 billion , a 34 per cent increase over May. Crude accounted for 83 per cent of India's total EUR 5.5 billion imports of Russian fossil fuels, making the country the second-largest buyer after China.

The sharp rise coincided with a 5.4 per cent increase in India's overall crude imports. Supplies to major refiners surged, with Reliance Industries' Jamnagar refinery recording a 150 per cent jump , while Indian Oil Corporation's Paradip refinery saw imports rise 126 per cent . Deliveries to BPCL's Kochi refinery and Nayara Energy's Vadinar refinery also increased significantly.

The surge in purchases helped lift Russia's crude export volumes by 14 per cent in June. However, oil export revenues fell 8 per cent to EUR 348 million per day , reflecting weaker international prices. Overall Russian fossil fuel export earnings slipped 1 per cent despite higher shipment volumes.

The report also highlighted India's growing role in global fuel trade . Refineries in India, Turkiye, Brunei and Georgia exported oil products worth EUR 814 million to countries that have imposed sanctions on Russia, with an estimated EUR 369 million refined from Russian crude.

Notably, two shipments from Indian refineries using Russian crude reached European Union ports in June despite the bloc's restrictions. The United Kingdom also received its first cargo of jet fuel from Jamnagar under a policy exemption allowing imports of diesel and jet fuel refined from Russian crude.

According to CREA, China remained Russia's largest fossil fuel customer in June with purchases worth EUR 7.3 billion , while India followed at EUR 5.5 billion . The report further noted that 54 per cent of Russia's seaborne oil exports were transported by sanctioned "shadow fleet" tankers during the month.