India has increased its purchases of Russian oil to a record high: Russia’s share has exceeded 50%
1 July 01:29
In June 2026, India purchased a record amount of Russian oil. According to preliminary data from the analytics firms Kpler and LSEG, shipments from Russia reached approximately 2.7 million barrels per day. This was reported by Reuters, citing data from the Kpler and LSEG tanker tracking systems, as reported by "Komersant Ukrainian"
The Russian Federation remained India’s largest oil supplier, and its share of India’s total imports exceeded 50% for the first time.
Indian oil refineries increased their purchases of Russian crude amid disruptions to supplies from the Middle East caused by the conflict surrounding Iran and restricted shipping through the Strait of Hormuz.
How Much Russian Oil Did India Purchase?
According to preliminary estimates, Indian refineries received about 2.7 million barrels of Russian oil per day in June.
This is the highest monthly figure on record.
For comparison, in May, shipments amounted to:
- about 2.13 million barrels per day, according to Kpler;
- about 1.95 million barrels per day—according to LSEG.
Thus, in just one month, supplies could have increased by approximately 27–38%, depending on the calculation method.
Previously, May 2023 was considered the record month, when India imported about 2.16–2.2 million barrels of Russian oil per day.
Russia accounted for more than half of India’s oil imports
India’s total crude oil imports in June remained virtually unchanged at about 4.9 million barrels per day.
At the same time, the supply mix underwent significant changes.
While Russian oil accounted for approximately 36.5% of India’s imports in May, its share exceeded 50% in June.
This means that more than half of the oil that Indian refineries received from abroad came from Russia.
According to preliminary data:
- India’s total imports amounted to about 4.9 million barrels per day;
- imports from Russia — approximately 2.7 million barrels;
- Russia’s estimated share is about 55%.
Final figures may be revised once data on all June shipments has been processed.
Why India sharply increased its purchases
The main reason was the escalation of tensions in the Middle East and disruptions to tanker traffic through the Strait of Hormuz.
A significant portion of global oil and liquefied natural gas shipments passes through this maritime route.
India traditionally imports large volumes of energy resources from:
- Iraq;
- Saudi Arabia;
- the United Arab Emirates;
- Kuwait;
- Qatar.
After the war around Iran began, traffic through the Strait of Hormuz dropped sharply. This created the risk of delays, increased insurance costs, and forced Indian companies to seek alternative sources of supply.
Russian oil is delivered primarily via routes that do not depend on the Strait of Hormuz.
Was the Strait of Hormuz completely closed?
At the height of the conflict, ship traffic through the strait was severely restricted, but by the end of June, supplies began to gradually resume.
According to Reuters, approximately 2.79 million barrels of oil per day were transported through the Strait of Hormuz in June.
In May, the figure was only about 881,000 barrels per day.
However, before the start of the Middle East conflict, approximately 15.6 million barrels passed through the strait daily.
Thus, shipping had partially resumed but remained several times lower than normal levels.
How did imports from Russia change compared to May?
According to Kpler’s estimates, India received 2.13 million barrels of oil per day from Russia in May.
If the June figure is 2.7 million barrels, the increase amounts to approximately 570,000 barrels per day.
On a monthly basis, this amounts to over 17 million additional barrels.
According to LSEG, the increase could have been even greater, as its May estimate was about 1.95 million barrels per day.
This increase was made possible by:
- the rerouting of Russian tankers to India;
- oil stocks accumulated at sea;
- more favorable prices for Russian crude;
- reduced availability of Middle Eastern crude;
- India’s desire to build up reserves.
Russian oil remained cheaper
After the start of the full-scale war against Ukraine, Russia began selling oil to Asian buyers at a discount.
Indian refineries actively took advantage of this opportunity, as cheaper crude allowed them to:
- reduce refining costs;
- increase refinery margins;
- keep domestic fuel prices in check;
- export more petroleum products;
- ensure growth in demand for energy resources.
The size of the discount varies depending on global prices, sanctions, freight costs, and the availability of tankers.
Which companies purchase oil from Russia
The largest Indian buyers of Russian oil traditionally include:
- Indian Oil Corporation;
- Bharat Petroleum;
- Hindustan Petroleum;
- Reliance Industries;
- Nayara Energy.
State-owned and private companies make decisions based on price, logistics, raw material quality, and potential sanctions risks.
In May, Sujata Sharma, a representative of India’s Ministry of Petroleum, stated that the country would continue to make purchases based on commercial considerations.
According to her, India’s decisions do not depend solely on temporary U.S. sanctions exemptions. This was reported by Reuters.
Why India Cut Back on Purchases in the Spring
In early 2026, Russian oil shipments to India declined.
In February, imports fell to approximately 1 million barrels per day.
Among the reasons cited were:
- tighter U.S. sanctions;
- payment difficulties;
- a limited number of available tankers;
- fears among Indian companies regarding secondary sanctions;
- trade negotiations between India and the U.S.;
- maintenance at certain oil refineries.
In April, some companies were also more cautious about signing new deals so as not to complicate negotiations between Washington and New Delhi.
However, the war in the Middle East and supply issues forced Indian refineries to sharply increase their purchases of Russian crude once again.
How Russian Oil Reaches India
The bulk of the oil is transported by tankers from Russian ports.
Deliveries can be made from:
- Baltic Sea ports;
- Black Sea ports;
- Murmansk;
- the Pacific port of Kozmino;
- transshipment points in international waters.
The Russian Urals and ESPO grades are particularly popular.
Urals is primarily shipped from western Russian ports around Europe and through the Suez Canal.
ESPO is shipped from the Far East, which shortens the route to Asian buyers.
Do sanctions affect these shipments?
The European Union, the United States, and other partners of Ukraine have imposed a series of restrictions on the Russian oil sector.
These include:
- price caps on seaborne crude oil;
- sanctions against Russian oil companies;
- a ban on services for certain tankers;
- insurance restrictions;
- sanctions against the so-called shadow fleet;
- bans on certain financial transactions.
The EU reports that the price cap for Russian seaborne crude oil is $47.6 per barrel.
Details of the sanctions are available on the European Commission’s website.
India has not joined the EU sanctions and continues to purchase Russian oil.
At the same time, companies using European insurance, financial, or transportation services must take these restrictions into account.
Russia Is Using a Shadow Fleet
To circumvent the sanctions, Moscow has created a large fleet of old tankers with opaque ownership structures.
Such vessels often:
- change flags;
- are registered in various jurisdictions;
- use little-known insurance companies;
- disable tracking systems;
- transship oil at sea;
- conceal the origin of their cargo.
The EU regularly adds new vessels to its sanctions lists.
However, significant volumes of Russian oil continue to flow to China, India, and other countries.
