India’s imports of Russian crude oil reached a record high in October 2026, with the Jamnagar refinery operated by Reliance Industries emerging as the largest importer of seaborne Russian crude, according to a new analysis by the Centre for Research on Energy and Clean Air (CREA).
The report revealed that India’s total purchases of Russian fossil fuels rose to €6.4bn in October, the highest monthly figure recorded since January 2022.
Crude oil accounted for approximately 91% of the purchases, valued at €5.8bn. The remaining imports included coal worth €333m and petroleum products valued at €232m.
The increase represented a 10% rise in India’s Russian crude oil imports compared with September.
According to CREA, imports increased across India’s three largest refineries purchasing Russian crude. Nayara Energy’s Vadinar refinery recorded a 12% month-on-month increase, while Reliance Industries’ Jamnagar refinery rose by 22%. Indian Oil Corporation’s Paradip refinery recorded the highest growth among the three, with imports increasing by 28%.
The rise in purchases at Jamnagar made it the biggest importer of seaborne Russian crude during the month.
CHINA REMAINS RUSSIA’S LARGEST BUYER
Despite India’s record purchases, China maintained its position as the largest buyer of Russian fossil fuels globally.
China imported Russian fossil fuels worth €10.7bn in October, accounting for 51% of the export revenue generated from the five largest importing countries.
India ranked second with €6.4bn, followed by the European Union with €2.2bn. Turkey came fourth with €1.1bn, while South Korea ranked fifth with imports valued at €488m.
The figures highlight Russia’s growing reliance on Asian markets to sustain its energy exports amid restrictions imposed by Western governments following its invasion of Ukraine in February 2022.
RUSSIA RECORDS HIGHEST FOSSIL FUEL EXPORT REVENUE SINCE 2022
The increase in purchases also contributed to a significant rise in Russia’s earnings from fossil fuel exports.
CREA estimated that Russia’s daily revenue from fossil fuel exports increased by 14% month-on-month to €754m in October, representing its highest monthly level since December 2022.
Higher crude oil prices and increased revenue from seaborne oil shipments helped offset the impact of Western sanctions.
The report also highlighted the continued export of petroleum products refined from Russian crude to countries that have imposed sanctions on Moscow.
Refineries in India, Turkey and Brunei collectively shipped petroleum products worth €1.6bn to sanctioning countries. These included the European Union, Australia, the United States and New Zealand.
An estimated €389m worth of the exported products had been refined from Russian crude.
The United States received petroleum products worth €94m from India’s Jamnagar refinery alone.
CREA further estimated that 30% of the crude oil imported by the Jamnagar refinery between August and October 2026 came from Russia.
INDIA CONTINUES TO BALANCE ITS ENERGY NEEDS
India remains heavily dependent on imported crude oil to meet its domestic energy requirements, making access to affordable supplies an important consideration for its refineries.
Russia became a major supplier to India after Western sanctions disrupted its traditional oil markets in 2022. The availability of discounted Russian crude encouraged Indian refiners to increase purchases.
However, changing global oil prices, transportation costs and geopolitical developments continue to influence India’s decisions on where to source its crude supplies.
The latest figures demonstrate that, despite international pressure and ongoing sanctions against Russia, India remains one of Moscow’s most important energy customers.
