Indian refiners imported a record 2.8 million barrels per day (bpd) of Russian crude in July 2026 — the second consecutive monthly record — with purchases worth 5.5 billion euros, up 2.1 per cent from June, according to data compiled by the Centre for Research on Energy and Clean Air (CREA). Crude oil accounted for 87 per cent of India's total Russian fossil fuel purchases during the month, the data showed.
Record imports and value at a glance
India's dependence on Russian crude continued to deepen in July. CREA reported that India's crude purchases from Russia reached 5.5 billion euros in July, up from 4.5 billion euros in June, when crude accounted for 83 per cent of the country's total Russian fossil fuel imports of 5.5 billion euros. In July, India's total Russian hydrocarbon imports rose to 6.4 billion euros, with coal (512 million euros) and oil products (341 million euros) making up the remainder.
On a volume basis, Indian refiners imported a record 2.8 million bpd of Russian crude in July 2026, accounting for about 55.5 per cent of total crude imports of just over 5 million bpd. That compares with roughly 1.8 million bpd on average in 2024. Earlier, volumes rose to about 7,40,000 bpd in 2022 and nearly 1.8 million bpd in 2023, making Russia India's largest crude supplier with about 39 per cent of imports that year.
| Metric | June 2026 | July 2026 | Change |
|---|---|---|---|
| Crude import value (billion euros) | 4.5 | 5.5 | +2.1% |
| Crude share of Russian fossil fuel imports | 83% | 87% | +4 pts |
| Total Russian fossil fuel imports (billion euros) | 5.5 | 6.4 | n/a |
| Crude import volume (million bpd) | n/a | 2.8 | record |
| Urals crude average price (USD/barrel) | n/a | 60.22 | -3% m/m |
Smaller terminals drive the July surge
The increase in crude purchases in July was driven primarily by a rise in imports through smaller terminals, rather than through India's two largest recipients of Russian crude, Jamnagar and Paradip, according to CREA.
- Imports through HMEL Mundra rose 58 per cent from June.
- Volumes received at Indian Oil's Vadinar SMPL terminal increased 35 per cent.
- Imports through Mumbai rose 37 per cent.
- Volumes at Jamnagar — one of the world's largest refining complexes — were unchanged from the previous month.
- Imports through Paradip fell 22 per cent.
The shift in import flows meant that India's record monthly intake was not dependent on higher volumes at its two largest Russian-crude receiving terminals. Instead, increased receipts at several other ports more than offset the decline at Paradip, CREA said.
Urals price and Russian export revenues
The average price of Russia's Urals crude fell 3 per cent in July to USD 60.22 per barrel, according to CREA. That remained substantially above the USD 44.10-per-barrel G7 and EU price cap that took effect in February 2026.
Russia's overall fossil fuel export revenues weakened even as India bought more. Russian crude export revenues were broadly flat in July at 392 million euros a day, with a 21 per cent monthly decline in pipeline crude earnings offset by a 7 per cent increase in seaborne crude revenue, CREA data showed.
Refined product exports to sanctioning countries
India's importance to the Russian oil trade extends beyond direct crude purchases. Refineries in India that process Russian crude also remain significant exporters of refined products to countries imposing sanctions on Russia.
In July, refineries in India, Turkiye, Brunei and Georgia that use Russian crude exported oil products worth a combined 633 million euros to sanctioning countries, CREA said. Of that total, 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 those exports were refined from Russian crude.
India was among the largest sources of such shipments. 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.
India's position in Russia's crude export market
India has emerged as the second-largest buyer of Russian crude since Moscow's full-scale invasion of Ukraine, accounting for 37 per cent of Russia's crude oil exports over the period covered by CREA's analysis, behind China at 50 per cent. The record run in July underscores India's role as a primary outlet for Russian barrels as Western sanctions and price caps reshape global crude flows.
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