Refineries in India, Turkey and Brunei shipped €1 billion ($1.2 billion) worth of oil products to sanctioning countries in September, representing a 43% increase from August levels, according to the Centre for Research on Energy and Clean Air (CREA). The EU took the largest share at €667 million, followed by Australia at €168 million, the US at €154 million, and New Zealand at €19 million. CREA estimated that €295 million worth of products were refined from Russian crude during this period. Exports reported as destined for EU ports from refineries running on Russian crude rose 80% in value, including a single 104,000-tonne cargo of gasoil (diesel) from Jamnagar still en route to Rotterdam.
Reliance Industries Ltd's Jamnagar refinery in Gujarat supplied six of the seven cargoes unloaded at EU ports during September, despite the bloc's ban on fuel made from Russian crude. The facility also supplied the group's largest US-bound exports worth €122 million, with Russian crude comprising 32% of its imports from July to September. Italy received three EU-bound shipments, Romania two, and Spain and Cyprus one each, as reported by CREA. The EU banned imports of oil products refined from Russian crude in January 2026, with the ban exempting net crude exporters, though CREA notes this exemption leaves a gap since net-export status does not prevent refining Russian-origin crude. CREA has recommended extending the restriction to refineries that have processed Russian crude in the preceding six months, which remains the group's recommendation but has not been adopted as EU policy.
India's Russian crude imports fell 13% in September, marking the second consecutive monthly decline and the lowest level since April, according to CREA. Intake dropped at all three of India's largest importing refineries: Jamnagar by 27%, Indian Oil Corporation's Paradip by 21%, and Nayara Energy's Vadinar by 8%. Despite the decline, Vadinar overtook Jamnagar as India's largest importer of Russian crude. The main exception was the IOC Mundra Oil Terminal, which received 570 thousand tonnes of Russian crude in September after receiving none in August. Smaller installations also reduced intakes by 74% and 32% respectively. India was Russia's second-largest fossil fuel customer in September, spending €4.1 billion on Russian hydrocarbons with crude oil constituting €3.6 billion (88% of purchases). Tighter supply, stronger competition from China and Western pressure were among the factors cited for the decline in Indian purchases, with Kpler expecting India's Russian oil imports to remain at around 1.8-1.9 million barrels per day in October.
Since December 2022, India has taken 37% of Russia's crude exports compared to China's 50%. Only China bought more Russian fossil fuels during this period. Urals crude averaged $90.7 per barrel in September, representing a 32% month-on-month increase and the highest monthly average since April 2026, according to CREA. This price surge was driven by escalating Middle East conflict and the choking of Red Sea trade routes, with global fossil fuel prices remaining high despite a 60% month-on-month increase in oil transported through the Strait of Hormuz. The Hormuz energy crisis has delivered a substantial boost to Russia's fossil fuel export earnings, with CREA estimating that higher oil and gas prices have increased Russia's seaborne export revenues by an estimated $35.9 billion (equivalent to €31 billion) in the six months since US-Israel strikes on Iran began.
