India imported a record volume of crude oil from Russia in June 2026, reinforcing its position as one of Moscow's largest energy partners despite a decline in Russia's overall oil export earnings caused by softer international crude prices. The latest figures highlight India's continued strategy of purchasing discounted Russian oil to meet its growing energy demand.
According to the latest monthly analysis by the Centre for Research on Energy and Clean Air (CREA), India's imports of Russian crude oil increased by 34% compared with May, reaching the highest monthly level on record. During June, India purchased €4.5 billion worth of Russian crude oil, accounting for 83% of its total Russian fossil fuel imports, which stood at €5.5 billion.
The report shows that India has become the second-largest buyer of Russian hydrocarbons after China. China remained Russia's biggest customer during June, while India continued to expand its purchases as domestic refiners increased imports of discounted crude.
Russia's earnings declined despite higher exports
Although Russia exported more crude oil in June, its overall revenue from crude exports fell because global oil prices weakened during the month.
The report states that Russia's crude oil export revenue declined by 8% month-on-month, even though export volumes increased by 14%. Lower international benchmark prices and a decline in the average price of Russia's Urals crude reduced Moscow's overall earnings.
Analysts noted that the average price of Urals crude fell significantly during June as concerns over supply disruptions eased and global oil markets stabilised, reducing Russia's export income despite stronger sales volumes.
Why India is buying more Russian oil
Since 2022, Russian crude has been available to Indian refiners at competitive prices compared with several other international suppliers.
Lower purchase costs have helped Indian refiners reduce input expenses while ensuring stable fuel supplies for the domestic market. Russian crude has therefore become an important component of India's energy import strategy.
Industry data indicates that several major Indian refineries sharply increased purchases from Russia during June. Among them, Jamnagar recorded the largest month-on-month increase in Russian crude imports, followed by Paradip, Kochi, and Vadinar refineries.
India's overall crude imports also increased
The report noted that India's total crude oil imports rose by 5.4% in June compared with the previous month. However, imports from Russia grew at a much faster pace, highlighting the increasing importance of Russian supplies in India's energy mix.
Recent market data also indicates that Russian crude accounted for more than half of India's total crude oil imports during June, making Russia India's largest oil supplier by volume.
Importance for India's energy security
India imports more than 80% of its crude oil requirements, making reliable overseas supplies essential for the country's economy.
By diversifying purchases from multiple countries—including Russia, Iraq, Saudi Arabia, the United Arab Emirates and the United States—India aims to strengthen energy security while reducing the impact of global geopolitical disruptions.
The availability of discounted Russian crude has also helped Indian refiners remain competitive in international fuel markets by lowering refining costs.
Global market impact
Despite lower export earnings, Russia remains one of the world's largest crude oil exporters.
Meanwhile, India and China continue to dominate purchases of Russian energy products, making them key markets for Moscow's oil exports.
Energy analysts believe future import patterns will depend on several factors, including global crude prices, geopolitical developments, shipping costs, sanctions and production decisions by major oil-producing nations.
The June figures underline the deepening energy relationship between India and Russia, while also showing how fluctuations in global oil prices can reduce export revenues even when sales volumes reach record levels.