India’s crude oil imports from Russia hit a record, in value terms, at around $6.4 billion, or roughly ₹61,000 crore, in July, surpassing the June 2026 high of $5.14 billion, according to The Hindu BusinessLine. The Finland-based Centre for Research on Energy and Clean Air (CREA) said imports of Russian crude oil reached a record high for a second consecutive month in July 2026, rising 2.1 per cent month-on-month and valued at €5.5 billion. The report, published on August 16, 2026, said the increase was driven by terminals other than the two largest, Jamnagar (Reliance Industries) and Paradip (Indian Oil Corporation).
Record imports and energy security hedge
Analysts and refiners emphasised that Moscow has transformed into New Delhi’s strongest energy security hedge, particularly since the closure of the Strait of Hormuz (SoH) and growing disruptions in the Bab-el-Mandeb strait, The Hindu BusinessLine reported. India was the second-largest buyer of Russian fossil fuels in July 2026, importing a total of €6.4 billion ($7.4 billion) of Russian hydrocarbons. Crude oil constituted 87 per cent of India’s purchases, totalling €5.5 billion; coal (€512 million) and oil products (€341 million) made up the remainder.
CREA said:
India’s imports of Russian crude oil reached a record high for the second consecutive month in July 2026, rising by 2.1 per cent M-o-M and valued at euro 5.5 billion.
Terminal-level data compiled by CREA shows divergent movements across Indian refineries:
| Terminal | Monthly change (July 2026) |
|---|---|
| HPCL Mittal Energy (HMEL) Mundra | +58% |
| IndianOil Vadinar SMPL | +35% |
| Mumbai | +37% |
| Jamnagar (Reliance Industries) | unchanged |
| Paradip (Indian Oil Corporation) | –22% |
Russian product exports at record low
While India’s imports of Russian crude set records, Russian oil product export loadings fell 23 per cent to 4.7 million tonne (mt) in July — their lowest level on record and less than half the 9.6 mt loaded in July 2025, according to CREA. The port of Tuapse, under sustained drone attack since May, loaded almost no oil products for a second consecutive month.
Urals pricing and EU sanctions
The average price of Russia’s Urals-grade crude fell by 3 per cent month-on-month to $60.22 per barrel in July, still significantly higher than the EU and UK price cap of $44.1 per barrel, which took effect on February 1, 2026 and has been capped at the same level under the EU’s 21st sanctions package, CREA said. The discount of Urals relative to global benchmark Brent remained flat at 26 per cent, or $21 per barrel, last month.
Russia’s crude oil export revenues were broadly flat, up 1 per cent month-on-month to €392 million per day. That headline, however, masks a 21 per cent fall in pipeline crude export earnings, offset by a 7 per cent rise in seaborne crude export revenues.
Refined product flows into EU ports despite ban
Despite the EU’s ban on oil products made from Russian crude, 18 shipments from refineries processing Russian crude were unloaded at EU ports in July — more than double the previous month’s total, according to CREA. Refineries in India, Turkiye, Brunei, and Georgia that use Russian crude exported €633 million of oil products to sanctioning countries in July 2026. The July data reinforces India’s position as the second-largest buyer of Russian hydrocarbons, with crude oil accounting for 87 per cent of its monthly Russian purchases, according to CREA.
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