Russian crude imports hit record high in June even as Moscow's oil revenues slip

In June, India imported a record volume of Russian crude oil, valued at EUR 4.5 billion, which constituted 83% of its total Russian fossil fuel imports of EUR 5.5 billion. This made India the second-largest buyer of Russian hydrocarbons after China. The surge in imports occurred despite a reported decline in Moscow's overall oil revenues, likely due to price caps and discounts. The data underscores India's continued reliance on discounted Russian oil amid Western sanctions, while Russia faces reduced income from its energy exports.

Global Impact

Economically, India's heavy Russian crude intake helps cap global oil prices but reduces Moscow's per-barrel revenue, straining its war budget. Politically, it tests Western sanctions enforcement and may prompt secondary sanctions or tighter price cap compliance.