India’s Russian crude imports hit record 2.8 million bpd in July, over half of total intake

India’s crude oil imports from Russia hit a record 2.8 million barrels per day (bpd) in July 2026, accounting for around 55.5% of the country’s total crude imports, as refiners continued to tap discounted Russian supplies despite tighter Western sanctions.The July intake was significantly higher than India’s average Russian crude imports of around 1.8 million bpd in 2024, underscoring the growing importance of Moscow as a source of crude for Indian refiners.According to data compiled by the Centre for Research on Energy and Clean Air (CREA), India imported 5.5 billion euros worth of Russian crude in July, up 2.1% from June in volume terms. Crude accounted for 87% of India’s total Russian fossil fuel purchases during the month.India was the second-largest buyer of Russian fossil fuels in July, importing a total of 6.4 billion euros worth of Russian hydrocarbons. Coal accounted for 512 million euros, while oil products made up another 341 million euros.Russia’s share in India’s crude basket rises sharplyIndia’s dependence on Russian crude has increased dramatically since Russia’s invasion of Ukraine in February 2022. Before the war, Russia supplied less than 100,000 bpd to India, accounting for around 2.5% of the country’s crude imports.That figure rose to approximately 740,000 bpd in 2022 and nearly 1.8 million bpd in 2023, when Russia emerged as India’s largest crude supplier with around 39% of total imports.The share has risen further in 2026, with Russian crude accounting for more than half of India’s total crude intake in July.The increase comes despite a tougher sanctions regime imposed by Western countries on Russian oil exports.Smaller Indian ports drive July surgeThe record Russian crude intake in July was not driven by higher volumes at India’s two biggest receiving terminals, Jamnagar and Paradip.Instead, imports through several smaller terminals increased sharply.Crude receipts at HMEL Mundra rose 58% from June, while volumes received at Indian Oil’s Vadinar SMPL terminal increased 35%. Imports through Mumbai also rose 37%.In contrast, imports through Jamnagar were largely unchanged, while volumes at Paradip fell 22%.The increase at smaller ports more than offset the decline at Paradip, pushing India’s overall Russian crude intake to a record level.Russian crude still trades above G7 price capThe continued rise in Indian purchases comes even as the price advantage of Russian crude has narrowed.CREA said Russia’s Urals crude averaged $60.22 a barrel in July, down 3% from the previous month. That was still substantially above the $44.10-a-barrel G7 and EU price cap that came into effect in February 2026.Russia’s crude export revenues were broadly flat in July at around 392 million euros a day. A 21% monthly decline in pipeline crude earnings was offset by a 7% increase in seaborne crude revenue.For India, however, Russian crude remains an important source of feedstock for its large refining complexes.India also remains a key refining hub for Russian oilIndia’s role in the Russian oil trade extends beyond direct crude purchases.Indian refineries processing Russian crude continue to export refined petroleum products to countries that have imposed sanctions on Russia.CREA said refineries in India, Turkiye, Brunei and Georgia that process Russian crude exported 633 million euros worth of oil products to sanctioning countries in July.Of this, 214 million euros went to the European Union, 184 million euros to Australia and 234 million euros to the United States.CREA estimated that 284 million euros of these exports were refined from Russian crude.Five cargoes from Indian refineries using Russian crude were unloaded at EU ports in July, despite the bloc’s ban on imports of oil products made from Russian crude that took effect on January 21.Shipments to the US also originated from India’s Jamnagar refinery, where Russian crude accounted for around 35% of feedstock in the three months through July, according to CREA.What does this mean for India?The latest data highlights the growing importance of Russian crude to India’s energy security and refining industry.India has emerged as the second-largest buyer of Russian crude since Moscow’s invasion of Ukraine, accounting for around 37% of Russia’s crude oil exports covered by CREA’s analysis. China remains the largest buyer, with a 50% share.At the same time, Russia’s overall oil product exports are under pressure. Russian oil product loadings fell 23% in July to 4.7 million tonnes, their lowest level on record and less than half the 9.6 million tonnes recorded in July 2025.The divergence is significant: while Russia is facing weaker refined-product exports and tighter constraints on its energy trade, Indian refiners are continuing to absorb large quantities of Russian crude.For Russia, India provides a crucial outlet for crude exports and an important source of energy revenue. For Indian refiners, Russian barrels remain a key feedstock, particularly for large export-oriented refineries capable of processing a wide range of crude grades.With inputs from PTI.

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