India’s Crude Oil Imports from Russia Reach All-Time High in October
India’s imports of Russian fossil fuels surged to a record EUR 6.4 billion in October 2026, driven by a significant increase in crude oil purchases. This rise has enabled Russia to achieve its highest monthly revenue from fossil fuel exports since December 2022, despite ongoing Western sanctions, according to a report by the Centre for Research on Energy and Clean Air (CREA).
India’s Record Purchases from Russia
In October, both China and India recorded their highest monthly purchases of Russian fossil fuels since January 2022. China led the way, accounting for 51% of Russia’s export revenue from the five largest importing countries, with purchases totaling EUR 10.7 billion. India followed as the second-largest buyer, importing EUR 6.4 billion worth of Russian hydrocarbons. Crude oil made up 91% of India’s purchases, amounting to EUR 5.8 billion, while coal and oil products accounted for the remainder.
The report highlighted that Russian crude oil imports to India increased by 10% month-on-month. All three major Indian refineries—Nayara Energy’s Vadinar, Reliance Industries Ltd’s Jamnagar, and Indian Oil Corporation Ltd’s Paradip—saw significant rises in their Russian crude imports, with increases of 12%, 22%, and 28%, respectively. The Jamnagar refinery emerged as the largest importer of seaborne Russian crude.
Countries Imposing Sanctions Continue to Import
The European Union ranked third among Russia’s largest fossil fuel buyers in October, with imports worth EUR 2.2 billion, representing 11% of the export revenues from the top five importing countries. Refineries in India, Turkiye, and Brunei processed Russian crude and shipped oil products valued at EUR 1.6 billion to countries that have imposed sanctions on Russia since its invasion of Ukraine in February 2022. These shipments included EUR 1.2 billion to the EU, EUR 271 million to Australia, EUR 94 million to the US, and EUR 23 million to New Zealand.
CREA reported that Russia’s earnings from fossil fuel exports rose by 14% month-on-month in October, reaching EUR 754 million per day, the highest level since December 2022. This increase was attributed to higher crude oil prices and record revenues from seaborne oil shipments, which helped mitigate the effects of Western sanctions. Despite stable overall export volumes, the rise in international energy prices significantly boosted Russia’s revenues.
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