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India’s Record $5.14 Billion Russian Crude Imports in June Bolster Energy Security Hedge

Indian refiners bought a record $5.14 billion worth of Russian crude oil in June 2026, according to CREA. Imports rose 34% month-on-month, with Jamnagar refinery seeing a 150% increase. The average price of Urals crude fell 26% to $63.18 per barrel, still above the EU/UK price cap.

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iGEN Editorial
July 19, 2026
India’s Record $5.14 Billion Russian Crude Imports in June Bolster Energy Security Hedge

India’s imports of Russian crude oil reached a record high in June 2026, valued at $5.14 billion (€4.5 billion), according to the Centre for Research on Energy and Clean Air (CREA). The volume rose 34% month-on-month, with the Jamnagar refinery posting the largest gain at 150%.

Record Imports and Rising Dependence

CREA reported that India imported €4.5 billion of Russian crude in June, a 32% increase month-on-month and 25% year-on-year. Crude oil accounted for 83% of India’s total Russian hydrocarbon purchases of €5.5 billion ($6.3 billion), with oil products ($558 million) and coal ($508 million) making up the rest. New Delhi remained the second-largest buyer of Russian fossil fuels globally.

Urals Price and Discount Dynamics

The average price of Russia’s Urals crude fell 26% month-on-month to $63.18 per barrel in June, CREA said. This price remains significantly higher than the EU and UK price cap of $44.1 per barrel, which took effect on 1 February 2026. The discount of Urals to Brent was flat at 28% ($24 per barrel). The decline in oil prices came as tanker traffic through the Strait of Hormuz increased, leading to a reassessment of disruption risks.

Refinery-Level Surge

Indian refineries saw dramatic increases in Russian crude intake, as shown in the table below from CREA:

Refinery Month-on-Month Increase
Jamnagar 150%
Paradip 126%
Kochi 83%
Vadinar 45%

This data highlights how Russian crude has become integral to Indian refining operations.

Energy Security Hedge

According to Kpler, Russian crude has become India’s strongest energy security hedge, particularly since the Strait of Hormuz disruptions. Kpler noted that Russian barrels have enabled Indian refiners to maintain high run rates and ensure uninterrupted fuel supplies, avoiding disruptions experienced by other Asian refining systems (excluding China). India imported around 2.7 million barrels per day of Russian crude in June, more than half of its total monthly imports. Sumit Ritolia, Kpler’s Lead Research Analyst for Refining & Modeling, said Russian crude imports rose to about 2.6 million bpd in June, accounting for over 50% of imports, with July arrivals tracking healthy and potentially matching or exceeding June volumes.

Market Implications

The sustained influx of Russian crude at discounted prices strengthens India’s energy security and supports its refinery operations, especially amid geopolitical uncertainties. The data underscores a structural shift in global crude flows, with Russia increasingly reliant on Asian buyers.


Sources: TheHindu-C

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