India’s purchases of Russian fossil fuels surged to a record €6.4 billion in October 2026, driven primarily by a sharp increase in crude oil imports, as Moscow’s fossil fuel export revenues climbed to their highest monthly level since December 2022 despite Western sanctions.
According to a monthly analysis by the Centre for Research on Energy and Clean Air (CREA), India was the second-largest buyer of Russian fossil fuels during the month, with crude oil accounting for 91 per cent of its total purchases at €5.8 billion. Coal imports amounted to €333 million, while oil products accounted for another €232 million.
India’s Russian crude oil imports increased 10 per cent month-on-month in October. Imports rose across the country’s three major importing refineries, with Nayara Energy’s Vadinar refinery recording a 12 per cent increase, Reliance Industries’ Jamnagar refinery 22 per cent and Indian Oil Corporation’s Paradip refinery 28 per cent.
The increase made Reliance Industries’ Jamnagar refinery the largest importer of seaborne Russian crude during the month, CREA said.
China remained the largest buyer of Russian fossil fuels, purchasing €10.7 billion worth of supplies in October, equivalent to 51 per cent of Russia’s export revenues from its top five importing markets. India followed with €6.4 billion, while the European Union ranked third at €2.2 billion. Turkiye and South Korea accounted for €1.1 billion and €488 million, respectively.
Russia’s overall fossil fuel export revenues rose 14 per cent month-on-month to €754 million per day in October, the highest monthly level since December 2022. The increase was largely driven by higher international crude oil and gas prices, even as overall export volumes remained broadly unchanged.
Crude oil export revenues climbed 19 per cent to €449 million per day, the highest since June 2022, while export volumes increased 6 per cent. Earnings from seaborne crude exports surged 23 per cent to €352 million per day, marking the highest level since CREA began tracking the data in January 2022. Pipeline crude revenues rose 6 per cent.
The average price of Russia’s Urals crude increased 13 per cent to $101.7 per barrel, its highest monthly average since October 2021. The price was more than double the EU and UK oil price cap of $44.1 per barrel, which came into effect on February 1, 2026.
Meanwhile, the discount on Urals crude against Brent averaged $23 per barrel, or 19 per cent, in October, compared with $24 per barrel, or 21 per cent, in September.
Higher energy prices also boosted revenues from other Russian fossil fuel exports. Liquefied natural gas (LNG) export revenues rose 3 per cent to €77 million per day, their highest level since January 2023, despite a 4 per cent decline in unloaded volumes. Pipeline gas revenues increased 23 per cent to €88 million per day, exceeding earnings from seaborne oil product exports for the first time since May 2022.
Revenue from seaborne oil product exports increased 4 per cent to €85 million per day, despite an 8 per cent decline in volumes. Coal export revenues, however, fell 3 per cent to €56 million per day.
CREA also highlighted the continued export of petroleum products refined from Russian crude to countries imposing sanctions on Moscow. Refineries in India, Turkiye and Brunei exported oil products worth €1.6 billion to these markets, including the European Union (€1.2 billion), Australia (€271 million), the United States (€94 million) and New Zealand (€23 million). An estimated €389 million worth of these products were refined from Russian crude.
The think tank said higher oil and gas prices following the US-Israel strikes on Iran had boosted Russia’s seaborne fossil fuel export revenues by an estimated $35.9 billion, equivalent to approximately €31 billion, over the subsequent six months.
The latest figures underline the growing importance of Asian markets, particularly India and China, in sustaining Russia’s energy exports amid Western sanctions. Both countries recorded their highest monthly purchases of Russian fossil fuels in the data series dating back to January 2022, highlighting Moscow’s continued reliance on Asian buyers to maintain its position in global energy markets.