Full Breakdown
Russian-Crude-Derived Fuel Exports Surge from India to Western Markets
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Export Surge of Russian-Crude-Derived Products
In September, oil products refined from Russian crude and shipped from refineries in India, Turkey and Brunei were valued at roughly 1 billion euros (? $1.2 billion) to countries that have imposed sanctions on Russia. The European Union (EU) was the largest buyer, importing about 667 million euros, followed by Australia (? 168 million euros), the United States (? 154 million euros) and New Zealand (? 19 million euros). The Centre for Research on Energy and Clean Air (CREA) estimates that about 295 million euros of the shipments were refined from Russian crude.
Reliance Industries’ Jamnagar refinery in Gujarat supplied six of the seven cargoes that arrived at EU ports in September, despite the EU’s ban on fuel made from Russian crude that took effect in January 2026. The same refinery accounted for the bulk of the group’s U.S.–bound exports, valued at 122 million euros.
Context of the EU Ban and the “Loophole”
The EU prohibited imports of oil products refined from Russian crude in January 2026 but exempts “net crude exporters,” allowing countries that export more crude than they import to continue shipping refined products even if Russian crude was processed at their plants. CREA argues this exemption creates a loophole because it does not prevent the export of products derived from Russian oil.
Key Figures and Trade Flows
- Russian crude share at Jamnagar: 32 % of the refinery’s crude imports between July and September.
- EU-bound shipments: Italy received three cargoes, Romania two, and Spain and Cyprus one each.
- Export value growth: Shipments to EU ports rose 80 % in September versus the previous month.
- Indian crude imports: Overall Russian crude imports fell 13 % in September, the lowest level since April. Jamnagar’s intake dropped 27 % from August; Indian Oil Corporation’s Paradip fell 21 %; Nayara Energy’s Vadinar fell 8 %.
Official Statements & Responses
CREA recommends that the EU apply the ban at the refinery level, prohibiting any product from a plant that has processed Russian crude within the preceding six months, regardless of the declared origin of the finished fuel. The group notes that this recommendation is an advocacy proposal, not current policy.
Kpler analysts attribute the September decline in Indian Russian-crude imports to tighter global supplies and competition from China, rather than solely to U.S. pressure. They project that India’s imports in October will remain between 1.8 and 1.9 million barrels per day.
Data Summary
- Total value of Russian-crude-linked exports (Sept): ? 1 billion euros.
- EU’s share: ? 667 million euros.
- Russian-crude-derived export value: ? 295 million euros.
- India’s September spend on Russian fossil fuels: 4.1 billion euros (88 % crude oil).
- Decline in Indian Russian-crude imports: 13 % month-on-month.
Gaps and Uncertainties
The CREA report provides quantitative estimates but does not disclose the precise methodology for attributing product origin, leaving a margin of uncertainty around the 295-million-euro figure. Additionally, while Kpler forecasts October import levels, the range (1.8–1.9 million bpd) reflects market volatility and may shift with evolving geopolitical dynamics.