India’s imports of Russian crude oil surged 21% month-on-month in May, driving the country’s total purchases of Russian fossil fuels to €5.8 billion ($6.7 billion) and reinforcing its position as Russia’s second-largest energy buyer globally, even as Moscow’s fossil fuel export revenues rose only marginally amid softer crude prices.
The sharp increase comes at a time when Russian crude is becoming increasingly important for Indian refiners. According to the latest analysis by the Centre for Research on Energy and Clean Air (CREA), crude oil accounted for 83% of India’s total Russian fossil fuel imports, amounting to €4.8 billion ($5.55 billion) in May alone. Oil products contributed €550 million, while coal imports stood at €429 million.
Port-Level Inflows
India’s overall crude import volumes increased 8% month-on-month during May, supported largely by higher Russian arrivals. The report noted significant growth in Russian crude unloadings at key refining hubs, with volumes at Vadinar rising 36% and Jamnagar increasing 14% compared with April.
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State-run refiners also expanded purchases. The New Mangalore Refinery and Visakhapatnam Refinery, which had suspended Russian imports in late 2025 before resuming them in March this year, recorded further increases of 13% and 42%, respectively. The Paradip refinery unloaded the highest volume of Russian crude in nearly two years, underscoring the growing role of Russian barrels in India’s refining system.
The report highlights how deeply India has become integrated into Russia’s oil export network since the Ukraine conflict reshaped global trade flows. Since December 2022, India has accounted for 36% of Russia’s crude oil exports, second only to China, which purchased 50%. Turkey followed distantly at 6%, while the European Union accounted for 5%.
CREA data showed Russia’s fossil fuel export revenues increased 2% month-on-month to €726 million per day in May despite largely unchanged export volumes. Crude oil revenues rose 1% to €362 million per day, while crude export volumes climbed 8%, aided by higher loadings at the Ust-Luga port and the resumption of flows through sections of the Druzhba pipeline.
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Pricing Arbitrage
At the same time, the average price of Russia’s flagship Urals crude fell 12% month-on-month to $82.02 per barrel, even as it remained significantly above the revised G7-EU price cap level. The report also noted that the discount of Urals crude to Brent widened to around 25% in May.
China remained Russia’s largest fossil fuel customer with purchases worth €7 billion, while India followed with €5.8 billion, together accounting for a substantial share of Moscow’s energy export earnings.
TOPICSCrude oilThis article was first uploaded on June seventeen, twenty twenty-six, at eighteen minutes past ten in the night. © The Indian Express (P) Ltd