India Becomes Second-Largest Buyer of Russian Fossil Fuels as Imports Hit Record EUR 6.4 Bn in October: CREA

New Delhi, Nov 13 (KNN) India's purchases of Russian fossil fuels rose to a record EUR 6.4 billion in October 2026, driven by higher crude oil imports, helping push Moscow's fossil fuel export revenues to their highest monthly level since December 2022, according to the Centre for Research on Energy and Clean Air (CREA).

India was the second-largest buyer of Russian fossil fuels, with crude oil accounting for 91 per cent of its purchases at EUR 5.8 billion. Coal imports stood at EUR 333 million and oil products at EUR 232 million.

India's Russian crude oil imports increased 10 per cent month-on-month. Imports rose at all three major importing refineries — Vadinar (12 per cent), Jamnagar (22 per cent) and Paradip (28 per cent). The increase made Reliance Industries' Jamnagar refinery the largest importer of seaborne Russian crude, CREA said, PTI reported.

Russia's Export Revenues Rise

Russia's fossil fuel export revenues increased 14 per cent month-on-month to EUR 754 million a day in October, the highest level since December 2022. The rise was driven mainly by higher crude oil prices and record seaborne oil earnings, despite broadly unchanged overall export volumes.

China remained the largest buyer, purchasing EUR 10.7 billion of Russian fossil fuels, followed by India at EUR 6.4 billion, the European Union at EUR 2.2 billion, Turkiye at EUR 1.1 billion and South Korea at EUR 488 million.

Russian crude export revenues rose 19 per cent to EUR 449 million a day, while volumes increased 6 per cent. Seaborne crude earnings climbed 23 per cent to EUR 352 million a day.

The average price of Russia's Urals crude rose 13 per cent to USD 101.7 per barrel, its highest monthly average since October 2021 and more than double the USD 44.1-per-barrel EU and UK price cap effective February 1, 2026. The discount against Brent narrowed to USD 23 per barrel, or 19 per cent, from USD 24, or 21 per cent, in September.

CREA attributed the revenue increase partly to higher global energy prices amid the Middle East conflict and disruptions to energy flows through the Strait of Hormuz. 

It estimated that higher oil and gas prices following US-Israel strikes on Iran boosted Russia's seaborne fossil fuel export revenues by USD 35.9 billion over the subsequent six months.

Refined Products Reach Sanctioning Countries

Refineries in India, Turkiye and Brunei that process Russian crude exported EUR 1.6 billion of oil products to countries that imposed sanctions on Russia following its invasion of Ukraine. These included the EU (EUR 1.2 billion), Australia (EUR 271 million), the US (EUR 94 million) and New Zealand (EUR 23 million). An estimated EUR 389 million of the products were refined from Russian crude.

Liquefied natural gas export revenues rose 3 per cent to EUR 77 million a day, despite a 4 per cent decline in unloaded volumes. Pipeline gas earnings increased 23 per cent to EUR 88 million a day, while seaborne oil product revenues rose 4 per cent to EUR 85 million a day despite an 8 per cent fall in volumes.

Coal export revenues declined 3 per cent to EUR 56 million a day, CREA said.

(KNN Bureau)