India’s imports of Russian crude declined 13 per cent in September, the second consecutive monthly decline and the lowest since April amid rising prices due to the escalating Middle East conflict which has choked the Red Sea trade route apart from the Strait of Hormuz, according to a report Centre for Research on Energy and Clean Air (CREA).
Imports at the Reliance-run Jamnagar refinery fell by 27 per cent, Indian Oil Corporation’s (IOC) Paradip by 21 per cent and Nayara Energy’s Vadinar by 8 per cent.
India was Russia’s second-largest fossil fuel buyer in September, importing 4.1 billion euros worth of Russian hydrocarbons, 88 per cent of it crude. Only China bought more. Since December 2022, India has taken 37 per cent of Russia’s crude exports, against China’s 50 per cent, according to the CREA report.
Meanwhile, in a major relief for India and China, US President Donald Trump issued an executive order on Friday to waive many sanctions and tariffs tied to Russian oil exports, a day before they were set to take effect under a bill he signed last month. Trump said the waiver has been sanctioned in the USA’s “national interest.” This will enable the two countries to continue imports of Russian oil at current levels.
In September 2026, the average price of Russia’s Urals-grade crude rose by 32 per cent month-on-month to USD 90.7 per barrel, the highest monthly average since April 2026 and more than double the EU and UK price cap of USD 44.1 per barrel, which took effect on 1 February 2026 and has been capped at the same level under the EU’s 21st sanctions package, according to a CREA report.
Global fossil fuel prices remained high in September despite a more than 60 per cent month-on-month increase in the volume of oil transported through the Strait of Hormuz, based on detected vessel crossings. These volumes remained well below levels recorded before the US and Israeli strikes on Iran.
The Hormuz energy crisis has delivered a substantial boost to Russia’s fossil fuel export earnings. CREA’s recent analysis estimates that, in the six months since the US–Israel strikes on Iran began, higher oil and gas prices have increased Russia’s seaborne export revenues by an estimated USD 35.9 bn (equivalent to EUR 31 bn).
Russia’s fossil fuel exports remain highly concentrated, with China dominating purchases of coal and crude oil, Turkiye leading purchases of oil products, and the EU remaining the largest buyer of LNG and pipeline gas — showing Moscow’s dependence on a narrow set of key customers, the CREA report added.
