India’s imports of Russian crude dip in Sep amid price rise
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India’s Russian crude imports fell 13% in September, marking the second straight monthly decline and hitting the lowest level since April. The drop comes as escalating Middle East tensions have driven up prices and disrupted key shipping lanes, including the Red Sea route and the Strait of Hormuz, according to the Centre for Research on Energy and Clean Air (CREA).
Among major refiners, Reliance’s Jamnagar facility saw imports plunge 27%, Indian Oil Corporation’s Paradip refinery recorded a 21% decline, and Nayara Energy’s Vadinar plant experienced an 8% reduction.
Despite the pullback, India remained Russia’s second-largest fossil fuel customer in September, purchasing €4.1 billion worth of hydrocarbons — 88% of it crude. Only China bought more. Since December 2022, India has absorbed 37% of Russia’s seaborne crude exports, compared to China’s 50%, CREA data shows.
In a significant reprieve for New Delhi and Beijing, U.S. President Donald Trump signed an executive order Friday waiving a slew of sanctions and tariffs targeting Russian oil exports — one day before they were scheduled to take effect under legislation he signed last month. Trump cited the “national interest” of the United States. The move allows India and China to maintain current import volumes of Russian oil.
In September 2026, the monthly average price of Russia’s Urals-grade crude surged 32% to $90.70 per barrel — the highest since April 2026 and more than double the $44.10 EU/UK price cap imposed on February 1, 2026 and maintained under the EU’s 21st sanctions package, CREA reported.
Global fossil fuel prices stayed elevated in September even as oil shipments through the Strait of Hormuz jumped over 60% month-on-month, based on detected vessel transits. However, volumes remain well below pre-strike levels, before U.S. and Israeli attacks on Iran.
The Hormuz energy crisis has significantly padded Russia’s export coffers. CREA estimates that in the six months since the U.S.–Israel strikes on Iran began, higher oil and gas prices have boosted Russia’s seaborne fossil fuel revenues by approximately $35.9 billion (€31 billion).
Russia’s fossil fuel exports remain heavily concentrated: China dominates purchases of coal and crude, Türkiye leads on oil products, and the EU remains the top buyer of LNG and pipeline gas — underscoring Moscow’s reliance on a narrow circle of key customers, the CREA report noted.
