India’s Russian Fossil Fuel Imports Surge to Record €6.4 Billion in October

In October 2026, India significantly increased its imports of Russian fossil fuels, reaching a remarkable €6.4 billion, marking the highest monthly total recorded since January 2022. Notably, crude oil accounted for 91% of these imports, totaling approximately €5.8 billion. This surge also coincides with an overall rise in Russia’s fossil fuel export revenues, which reached their highest monthly level since December 2022, driven primarily by elevated international crude oil prices.

The driving forces behind this increase in crude oil imports stem from a combination of geopolitical dynamics and supply-demand factors. India has emerged as the second-largest purchaser of Russian fossil fuels, following China, which remains the top buyer. Recent tensions in the Middle East have contributed to higher global energy prices, thereby enhancing Russia’s earnings despite Western sanctions aimed at curtailing its energy exports. The increased crude demand from Indian refineries, particularly the Jamnagar facility, underscores the strategic role of Asian markets in sustaining Russian fossil fuel revenues amid a shifting geopolitical landscape.

Looking ahead, traders and investors should closely monitor the ongoing fluctuations in global crude prices as well as geopolitical developments that could influence supply chains. Given that Russia’s Urals crude is trading significantly above the EU-UK price cap, this may create opportunities for arbitrage in the market. However, the reliance on Russian energy amidst sanctions means that volatility in this sector is likely to persist. Consequently, maintaining a diversified portfolio that accounts for potential disruptions and price fluctuations may be prudent for retail investors.

Source: Market Source

(Expert Note: This report was independently prepared by the Wealthova Commodities team.)