India's record Russian crude imports July

In July 2026, India's imports of Russian crude oil reached a record high for the second consecutive month, according to data from the Centre for Research on Energy and Clean Air (CREA) and vessel-tracking firm Kpler. Indian refiners imported approximately 2.8 million barrels per day (bpd) of Russian crude, accounting for about 55.5% of India's total crude imports of just over 5 million bpd. The value of Russian crude imports rose 2.1% from June to 5.5 billion euros, with total Russian fossil fuel imports reaching 6.4 billion euros. The increase was driven by higher volumes through smaller terminals such as HPCL-Mittal Energy Limited Mundra, Indian Oil's Vadinar SMPL, and Mumbai, while volumes at Jamnagar were flat and Paradip declined. India remained the second-largest buyer of Russian fossil fuels after China, and its purchases have surged since Russia's invasion of Ukraine in 2022, when Western sanctions led Moscow to offer deep discounts. The record imports came despite the expiration of a U.S. waiver on June 17 that had allowed purchases of Russian oil loaded on tankers. Additionally, Indian refineries processing Russian crude exported refined products worth 633 million euros to sanctioning countries, including the EU, Australia, and the United States, despite bans on such products. Russian crude export revenues were broadly flat at 392 million euros per day, with Urals crude averaging $60.22 per barrel, above the G7/EU price cap of $44.10. Russian oil product loadings fell 23% to 4.7 million tonnes, the lowest on record. The situation is set against ongoing Middle East conflict and shipping disruptions in the Strait of Hormuz and Bab-el-Mandeb.