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India's Russian Crude Imports Hit New Record
10 Aug
Summary
- India's July Russian crude imports reached a record high.
- Russian crude now forms 55.5% of India's total imports.
- India is a key refining hub for Russian oil products.
India's reliance on Russian crude oil has surged dramatically, with imports reaching a new record in July 2026. This trend underscores the nation's increasing dependence on discounted Russian supplies, a consequence of Western sanctions following the Ukraine invasion.
In July 2026, Indian buyers imported Russian crude worth 5.5 billion euros, marking a 2.1% increase in volume from the previous month. Russian crude now constitutes a significant 55.5% of India's total crude imports, a stark contrast to its minimal share in 2021. This dependence is further amplified by India's role as a vital refining hub for Russian oil.
Refineries in India that process Russian crude are major exporters of refined products, even to countries enforcing sanctions. In July 2026, Indian refineries exported 284 million euros worth of products refined from Russian crude to sanctioning nations, including the EU, United States, and Australia.
Despite a broader decline in Russian oil product exports, India's sustained demand for crude oil ensures a vital outlet for Russian energy. This dynamic benefits Russia by providing crucial export revenue while offering Indian refiners a consistent feedstock source, particularly for export-oriented operations.
