India sets new July record for Russian crude imports, fuels refined exports to sanctioning markets

For the second consecutive month, India’s purchase of Russian crude reached a historic high in July, according to the Centre for Research on Energy and Clean Air. The country imported 2.8 million barrels per day of Russian oil, roughly 55.5 % of its total crude needs, a sharp rise from the 1.8 million-barrel average in 2024. The increase was driven by higher deliveries to smaller ports such as Mundra, Vadinar and Mumbai, while the two largest terminals, Jamnagar and Paradip, saw unchanged or reduced volumes.

Overall, India spent 5.5 billion euros on Russian crude that month, with coal and oil products making up the balance of its Russian purchases. Indian refineries, along with facilities in Turkey, Brunei and Georgia, then exported refined petroleum products worth about 633 million euros to sanction-imposing regions, including the EU, Australia and the United States. These shipments highlight India’s expanding role as both a major buyer of discounted Russian oil and a conduit for refined fuels reaching markets that have barred direct Russian imports.