India's Russian Fossil Fuel Imports Hit Record 6.4 Billion Euros
India became the second-largest buyer of Russian fossil fuels in October 2026, spending a record 6.4 billion euros despite Western sanctions.
India imported a record 6.4 billion euros of Russian fossil fuels in October 2026, according to the Centre for Research on Energy and Clean Air. Crude oil drove 91 percent of these purchases, totaling 5.8 billion euros, with a 10 percent month-on-month increase in volume. The surge was led by the Jamnagar, Paradip, and Vadinar refineries, with Jamnagar emerging as the largest importer of seaborne Russian crude.
These imports contributed to Russia achieving its highest monthly fossil fuel export revenues since December 2022, averaging 754 million euros per day. This growth occurred as higher international energy prices offset Western sanctions; Urals crude averaged 101.7 dollars per barrel, more than double the 44.1 dollar price cap set by the European Union and United Kingdom. China remained the largest buyer, spending 10.7 billion euros, while the European Union ranked third at 2.2 billion euros.
Refineries in India, Turkiye, and Brunei exported 1.6 billion euros in oil products, some refined from Russian crude, to sanctioning nations including the United States, Australia, and New Zealand. In a related diplomatic shift, U.S. President Donald Trump waived tariffs on Russian oil buyers after India cited potential impacts on bilateral ties. Additionally, U.S. Secretary of State Marco Rubio visited the Jamnagar refinery to encourage increased diesel production for global markets.
