Russia's oil exports fall amid Ukraine drone attacks as India raises crude imports

In June, Russian exports of refined oil products slipped 27% month‑on‑month to 5.7 million tonnes and 37% year‑on‑year after repeated Ukrainian drone strikes forced unplanned shutdowns at key refineries. Exports from Baltic ports fell 38.4%, while shipments through Black Sea ports dropped 19.2%, prompting fuel rationing in more than 90% of Russian regions.

At the same time, India became the world's second‑largest buyer of Russian hydrocarbons in June, importing a record €4.5 billion of Russian crude oil – 83% of its total Russian fossil‑fuel purchases – a 34% rise from the previous month. Major Indian refineries saw sharp increases, with Reliance’s Jamnagar refinery up 150% and Indian Oil Corp’s Paradip refinery up 126%. The surge in Indian demand helped lift Russia’s overall crude export volumes by 14% despite falling prices.

The contrasting trends highlight how Ukraine’s attacks are curbing Russia’s fuel‑product exports while India’s intensified buying is sustaining Russian crude sales.