Indian refiners imported a record 2.8 million barrels per day of Russian crude in July, with Moscow’s discounted oil continuing to dominate India’s import basket.
India’s imports of Russian crude hit a record for the second straight month in July, underscoring the country’s continued reliance on Moscow’s discounted oil even as the threat of steep US tariffs looms.
Indian buyers imported €5.5 billion worth of Russian crude in July, up from €4.5 billion in June, according to data compiled by the Centre for Research on Energy and Clean Air (CREA). Crude accounted for 87 per cent of India’s total Russian fossil-fuel imports during the month.
In volume terms, Indian refiners imported a record 2.8 million barrels per day (bpd) of Russian crude in July, accounting for about 55.5 per cent of India’s total crude imports of just over 5 million bpd.
Russia’s share of India’s crude imports has surged since the Ukraine war began in 2022. Moscow’s discounted supplies, after Western buyers pulled back, made Russian crude increasingly attractive to Indian refiners.
Smaller ports drive surge
The July record was not driven by India’s two biggest Russian crude receiving hubs, Jamnagar and Paradip. Instead, imports through several smaller terminals jumped sharply.
Crude receipts at HMEL Mundra rose 58 per cent from June, while volumes at Indian Oil’s Vadinar terminal increased 35 per cent. Imports through Mumbai also climbed 37 per cent. Paradip, meanwhile, saw volumes fall 22 per cent, while Jamnagar remained largely unchanged.
More from BusinessRussian oil remains crucial for India
Russia has become India’s largest crude supplier, with its share rising dramatically from just 2.5 per cent in 2021 to more than half of India’s crude imports in July 2026.
The trend comes despite the G7-EU price cap of $44.10 a barrel, while Russia’s Urals crude averaged $60.22 a barrel in July, according to CREA.
India is also an important refining hub for Russian crude. Refineries processing Russian oil continue to export refined petroleum products to Western markets, although sanctions have increasingly restricted such trade.
The latest data highlights the dilemma for India: Russian crude remains commercially attractive for refiners, but growing dependence could expose the country to higher geopolitical and tariff risks as pressure from Washington intensifies.
