By Admin 
- India refines Russian oil and exports it to Europe.
Russian Crude Oil Import: Taking a lesson from the crisis in the Middle East, India does not want to depend only on Gulf countries for the import of crude oil. Due to this, it is importing crude oil on a large scale from many other countries also. One of these is Russia.
According to a report by the Center for Research on Energy and Clean Air (CREA), in June 2026, India purchased hydrocarbons (fossil fuels) worth a total of 5.5 billion euros from Russia. Of this, 83% was from crude oil alone, which was worth 4.5 billion euros (49000 crore rupees). After its record-breaking purchase, India has become the second largest buyer of Russian oil in the world after China ($7.3 billion).
Russia earns less after exports increase
Due to increase in crude oil purchases from India, the export volume of Russian crude oil has also increased by 14%, but due to discount, the earnings from export of crude oil have decreased by 8% month-on-month to 348 million euros per day.
The report further said that overall, despite a 7% increase in Russia’s export volumes, Russia’s earnings from fossil fuel exports declined by 1% to 734 million euros per day. This means that even after selling oil to India and other Asian countries, there has been a decline of 8% in Russia’s revenue due to the softening of oil prices in the international markets and huge discounts.
India becomes refinery hub
India is buying oil from Russia at low prices, refining it and selling it as petroleum products in the US and European markets. The report also revealed that in June 2026, Britain received its first batch of jet fuel made from Russian crude from Reliance’s Jamnagar refinery under a government subsidy, worth about 63 million euros.
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