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India’s Crude Oil Imports Hit Record High Again in July Despite Western Sanctions

Posted on 11th Aug 2026 11:32 am by rohit kumar

India's reliance on Russian crude oil remained strong in July, with imports staying close to record levels even as Western restrictions on Russian energy exports continued to tighten.

 

The development comes after Indian refiners recorded a record level of Russian crude imports in June, highlighting the growing importance of Russian supplies in India's crude oil basket. CREA reported that India was the second-largest buyer of Russian fossil fuels in June 2026, importing hydrocarbons worth €5.5 billion. Crude oil accounted for 83% of those purchases, valued at €4.5 billion.

 

Russian Crude Imports Remain Near Record Levels

 

Data cited in July reports showed that Indian imports of Russian crude remained close to the record levels reached in June.

 

According to Kpler data cited by The Times of India, Russian crude imports into India were averaging around 2.45 million barrels per day in July, compared with an all-time high of approximately 2.64 million barrels per day in June.

 

The trend has kept Russia firmly positioned as one of India's most important crude oil suppliers.

 

The Print also reported that Russian crude was making up around half of India's oil imports in July, with average supplies of roughly 2.5 million barrels per day through July 15.

 

Why Is India Buying More Russian Oil?

 

India's purchases of Russian crude increased significantly after Russia's invasion of Ukraine in February 2022.

 

Following Western sanctions and the withdrawal of many European buyers, Russian crude became available to Asian refiners at attractive prices. Indian refiners subsequently increased purchases, taking advantage of discounted or competitively priced Russian barrels.

 

The shift has transformed Russia's position in India's crude oil supply chain.

 

According to the U.S. Energy Information Administration, Russia supplied less than 100,000 barrels per day to India in 2021, accounting for roughly 2.5% of India's crude oil imports. Russian supplies increased sharply after 2022 and eventually made Russia India's largest crude supplier.

 

India’s Record Russian Oil Imports in June

 

June marked a major milestone for India's Russian crude purchases.

 

CREA said India imported Russian hydrocarbons worth €5.5 billion in June 2026, making it the second-largest buyer of Russian fossil fuels that month. Crude oil accounted for 83%, or approximately €4.5 billion, of India's Russian fossil-fuel purchases.

 

CREA also reported that India's Russian crude import volumes rose 34% month-on-month in June, reaching the highest level on record.

 

Separately, Kpler data cited by Indian financial media put Russian crude supplies at around 2.6 million barrels per day in June, accounting for more than half of India's total crude imports.

 

Western Sanctions Have Not Eliminated Russian Oil Flows to India

 

Western governments have introduced restrictions designed to reduce Russia's energy revenues following the invasion of Ukraine.

 

However, Russian crude continues to reach major Asian markets, particularly India and China.

 

India's continued purchases demonstrate that sanctions have not completely removed Russian crude from global trade. Instead, trade flows have shifted, with Asian refiners becoming increasingly important buyers.

 

India has also continued diversifying its crude supply. Recent trade activity shows Indian refiners purchasing barrels from other regions, including West Africa. Hindustan Petroleum, for example, recently purchased two million barrels of West African crude for its Rajasthan refinery.

 

Russia Remains a Key Supplier Amid Hormuz Risks

 

The geopolitical situation surrounding the Strait of Hormuz has added another dimension to India's crude procurement strategy.

 

With Middle Eastern supply routes facing uncertainty, Russian crude has remained an important alternative source for Indian refiners.

 

Recent reports have indicated that Russian crude continued to account for around half of India's imports during July, helping refiners maintain supply amid uncertainty in global energy markets.

 

India Is the Second-Largest Buyer of Russian Fossil Fuels

 

CREA's June analysis identified India as the second-largest buyer of Russian fossil fuels, behind China.

 

India's total Russian fossil-fuel purchases reached €5.5 billion in June, with crude oil making up the overwhelming majority.

 

China remained the largest buyer, reinforcing the importance of Asian markets to Russia's energy exports.

 

What Does This Mean for India?

 

The continued availability of Russian crude provides Indian refiners with another major source of supply and allows them to diversify their procurement strategy.

 

Russian oil can be particularly attractive when it is priced competitively against alternative grades.

 

However, the situation also carries geopolitical and financial risks. Changes in sanctions, shipping restrictions, insurance arrangements, payment mechanisms or price caps could affect the economics and availability of Russian crude for Indian refiners.

 

India-Russia Oil Trade: Key Points

Russia remains a major crude supplier to India.

Russian crude imports reached a record level in June 2026, according to CREA and Kpler-linked reporting.

July imports remained near record levels, according to Kpler data cited in Indian media reports.

CREA reported €5.5 billion in Russian fossil-fuel purchases by India in June.

Crude accounted for 83% (€4.5 billion) of those June purchases.

India remains one of the world's biggest buyers of Russian fossil fuels.

Indian refiners are also diversifying their crude supply from regions outside Russia and the Middle East.

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