India's Russian crude imports surge 34% in June to record high

Record volumes of Russian oil flowing into India highlight the resilience of Moscow's export channels despite a broader decline in revenue, reinforcing India's role as a key demand anchor for discounted barrels.

By Handelsavisen Newsroom · Automated 2026-07-12 05:14 UTC · 1 min read

India’s imports of Russian crude oil reached an all-time high in June, surging 34% from the previous month.

The sharp increase in volume occurred even as Russia’s overall oil export revenues declined, underscoring the decoupling between physical flow and financial returns for Moscow’s energy sector.

93 million barrels per day in June, with Russian crude accounting for more than half of that total volume, according to analytics firm Kpler.

The data, cited in a report by the Centre for Research on Energy and Clean Air (CREA), indicates that Indian refiners are aggressively absorbing discounted Russian supplies.

This trend aligns with broader market observations that India’s total crude imports hit a record 4.93 million barrels per day in June, with Russian crude accounting for more than half of that total volume, according to analytics firm Kpler.

The divergence between rising import volumes and falling revenues suggests that Moscow is relying on higher throughput to offset lower realized prices.

This dynamic has significant implications for global energy markets, as it reinforces the structural shift in trade flows away from traditional Western buyers toward Asian destinations.