Business EconomyPosted at: Oct 18 2026 1:39PM

New Delhi, Oct 18 (UNI) Indian refineries and facilities in Türkiye and Brunei that process Russian crude exported oil products worth €1 billion ($1.2 billion) to countries imposing sanctions on Russia in September 2026, a 43% increase from August, according to a report by the Centre for Research on Energy and Clean Air (CREA).
Reliance Industries' Jamnagar refinery in Gujarat accounted for six of the seven shipments received at European union ports during the month, despite the bloc's restrictions on importing fuel produced from Russian crude. The report estimated that €295 million worth of oil products exported by the three countries had been refined from Russian crude.
The EU is the largest destination for these shipments, importing products worth €667 million. Australia received €168 million worth, followed by the United States at €154 million and New Zealand at €19 million, CREA said.
Jamnagar also accounted for the largest share of US-bound exports from the group, with shipments valued at €122 million. Russian crude represented 32% of the refinery's total crude imports between July and September, according to the report.
Italy received three of the seven shipments delivered to EU ports in September, while Romania received two. Spain and Cyprus accounted for one shipment each.
The value of exports reported as destined for EU ports from refineries processing Russian crude increased 80% month-on-month, CREA said. These shipments included a 104,000-tonne cargo of gasoil, commonly used as diesel fuel, dispatched from Jamnagar that was still en route to Rotterdam at the time of the report.
The European union introduced a ban in January 2026 on importing oil products refined from Russian crude. However, the restrictions include an exemption for countries classified as net crude oil exporters.
CREA argued that this exemption creates a loophole because a country's net-exporter status does not prevent its refineries from processing Russian-origin crude and subsequently exporting the refined products.
The research organisation has recommended that the restrictions be applied at the refinery level. Under its proposal, imports would be prohibited from any refinery that had processed Russian crude during the preceding six months, regardless of the declared origin of the finished product. The recommendation is CREA's proposal and does not represent an announced change in EU policy.
India's imports of Russian crude oil declined 13% in September, extending the fall for a second consecutive month and reaching their lowest level since April, according to CREA.
Intake fell at India's three largest importing refineries. Reliance Industries' Jamnagar refinery recorded a 27% month-on-month decline, while Indian Oil Corporation's Paradip refinery saw imports fall 21%. Nayara Energy's Vadinar refinery registered a smaller decline of 8%.
Despite the overall reduction, Vadinar overtook Jamnagar to become India's largest importer of Russian crude in September, the report said.
Imports also declined at several smaller facilities. HMEL's Mundra Oil Terminal recorded a 74% fall, while the Kochi refinery's intake decreased 32% from August.
Indian Oil Corporation's Mundra Oil Terminal was an exception to the broader trend, receiving 570,000 tonnes of Russian crude in September after recording no imports in August, CREA said.
India purchased €4.1 billion worth of Russian hydrocarbons in September, making it the country's second-largest buyer of Russian fossil fuels after China.
Crude oil accounted for €3.6 billion, or 88% of India's total purchases. Coal imports were valued at €309 million, while oil products accounted for another €161 million, according to CREA.
Since December 2022, India has accounted for 37% of Russia's crude oil exports, compared with China's 50%, highlighting the two Asian economies' importance to Moscow's energy trade following the withdrawal of many Western buyers.
Before Russia's invasion of Ukraine in 2022, India was a relatively small purchaser of Russian oil. Its imports subsequently increased as Western countries reduced their purchases and Russian crude became available at substantial discounts.
The discount persisted in September. Russia's Urals crude averaged $90.7 per barrel during the month, trading $23 below the Brent benchmark. The price gap remained unchanged from August, CREA said.UNI VK AAB