India's Record Fossil Fuel Imports from Russia

Summary of Key Points on India's Fossil Fuel Imports from Russia

Economic Data:

• India's Imports: In October 2026, India imported Russian fossil fuels worth €6.4 billion, marking the highest monthly import since January 2022.
• Crude Oil Composition: Crude oil made up 91% (€5.8 billion) of these imports; coal accounted for €333 million, and oil products for €232 million.
• Price Increase: The average price of Russia's flagship crude, Urals, rose 13% month-on-month to $101.7 per barrel, the highest since October 2021.

International Trade Dynamics:

• Ranking: India is the second-largest buyer of Russian hydrocarbons, following China, which imported €10.7 billion worth in the same month.
• China's Share: China purchased 50% of Russia's crude exports from February 2023 to October 2026, while India covered 37%.
• EU Position: The European Union remains a significant importer but ranks third behind China and India for Russian fossil fuels.

Geopolitical Context:

• Post-Ukraine War Impact: India ramped up its imports following the February 2022 invasion of Ukraine, benefiting from discounted prices offered by Russia after Western sanctions.

• Refinery Increases: Notable increases in Russian crude imports were observed at Indian refineries:

  • Vadinar by 12%
  • Jamnagar by 22%
  • Paradip by 28%

  Jamnagar refinery is reported as the largest importer of seaborne Russian crude.

Russian Revenue Statistics:

• Export Revenues: Russia's fossil fuel export revenues increased by 14% month-on-month to €754 million per day, the highest since December 2022.
• Crude Oil Export Increase: Revenues rose 19% to €449 million per day in October 2026, the highest since June 2022.
• Seaborne vs. Pipeline:
  • Seaborne crude revenue rose 23% to €352 million per day.
  • Pipeline export earnings also increased by 6% month-on-month.

Strategic Conclusions:

• There is significant concentration in Russia’s fossil fuel exports, primarily to China, India, and Turkiye.
• India's strategic import behaviour has shifted under changing geopolitical circumstances, markedly increasing reliance on Russian fossil fuels.
• The energy crisis driven by the West Asia conflict has further augmented revenue for Russia amidst global energy price fluctuations.

This summary encapsulates relevant economic data, trade dynamics, geopolitical contexts, and revenue statistics pertaining to the fossil fuel trade between India and Russia, aiding in understanding the implications for international relations and energy markets.