According to a report by the Centre for Research on Energy and Clean Air, euro (EUR), billion (bn) and million (mn) are used below. India's imports of Russian crude hit a record in June, rising 34 per cent from May. India bought EUR 4.5 bn in June, accounting for 83 per cent of its EUR 5.5 bn of Russian fossil fuel imports and making it the second-largest buyer after China, while overall crude imports rose 5.4 per cent month-on-month.

Deliveries to major Indian refineries posted steep gains, with Jamnagar shipments up 150 per cent, Paradip up 126 per cent, Kochi up 83 per cent and Vadinar up 45 per cent. The surge in Indian purchases helped lift Russia's crude export volumes by 14 per cent in June. At the same time crude export revenues fell 8 per cent month-on-month to EUR 348 mn a day amid lower prices.

Overall Russian fossil fuel export revenues declined 1 per cent to EUR 734 mn per day despite a 7 per cent rise in export volumes. The report said crude oil constituted 83 per cent of India's purchases, totalling EUR 4.5 bn, while oil products of EUR 488 mn and coal of EUR 444 mn made up the remainder. India continued to feature in global refined fuel flows derived from Russian crude.

Refineries in India, Turkiye, Brunei and Georgia exported oil products worth EUR 814 mn to countries that have imposed sanctions, an estimated EUR 369 mn of which were refined from Russian crude. The report noted two shipments refined from Russian crude were unloaded at EU ports in June and that the United Kingdom received its first Jamnagar jet fuel cargo valued at about EUR 63 mn under an exemption. China remained the largest customer at EUR 7.3 bn, India ranked second at EUR 5.5 bn, and the study highlighted reliance on the shadow fleet, with 54 per cent of seaborne oil moved by sanctioned tankers and 43 per cent by G7-insured or owned vessels.