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India Fuels EU, US Markets With Russian Crude
18 Oct
Summary
- EU and US received oil products refined from Russian crude.
- India's Jamnagar refinery played a major role in these exports.
- India remains Russia's second-largest fossil fuel buyer.
In September, India maintained its position as Russia's second-largest fossil fuel buyer, even as its own crude imports declined for the second consecutive month. Western nations received substantial fuel exports refined from Russian crude, totaling 1 billion euros, indicating a gap in sanctions.
Key destinations included the European Union, Australia, the US, and New Zealand, with products refined from Russian crude making up a significant portion of these shipments. India's Jamnagar refinery was a major contributor, supplying six of seven cargoes to EU ports and leading US-bound exports.
This circumvents EU restrictions, which are set to prohibit imports of oil products refined from Russian crude in January 2026. An exemption for net crude exporters allows refined products from countries like India to enter European markets.
Overall, India purchased 4.1 billion euros of Russian hydrocarbons in September, with crude oil constituting 88% of this value. Factors such as tighter supply, competition from China, and Western pressure are cited for the decrease in direct Indian purchases.
