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New Delhi: India's imports of Russian crude oil climbed to a record high in June, even as Russia's overall oil export revenues declined amid softer global

New Delhi, July 12 (IANS) India's imports of Russian crude oil climbed to a record high in June, even as Russia's overall oil export revenues declined amid softer global prices, according to a report by the Centre for Research on Energy and Clean Air (CREA). The report said India imported Russian crude worth EUR 4.5 billion during the month, a 34 per cent increase over May. Crude oil accounted for 83 per cent of India's total Russian fossil fuel imports, which stood at EUR 5.5 billion in June, making India the second-largest buyer of Russian hydrocarbons after China. The rise in purchases came alongside a 5.4 per cent month-on-month increase in India's overall crude oil imports, with Russian supplies to several major refineries witnessing sharp growth. Imports of Russian crude at Reliance Industries' Jamnagar refinery surged 150 per cent from the previous month, while Indian Oil Corporation's Paradip refinery recorded a 126 per cent increase. Bharat Petroleum Corporation Ltd's Kochi refinery increased imports by 83 per cent, and Nayara Energy's Vadinar refinery saw shipments rise 45 per cent, according to CREA. The stronger demand from India helped boost Russia's crude export volumes by 14 per cent in June. However, lower crude prices weighed on export earnings, with Russia's crude oil export revenues falling 8 per cent month-on-month to EUR 348 million per day. Overall, Russia's fossil fuel export revenues slipped 1 per cent to EUR 734 million per day despite a 7 per cent increase in export volumes during the month, the report said. "India was the second-largest buyer of Russian fossil fuels in June 2026, importing a total of EUR 5.5 billion of Russian hydrocarbons. Crude oil constituted 83 per cent of India's purchases, totalling EUR 4.5 billion," CREA said, adding that oil products worth EUR 488 million and coal worth EUR 444 million made up the remainder of India's imports from Russia. The report also highlighted India's growing role in global trade of refined petroleum products processed from Russian crude. Refineries in India, Turkiye, Brunei and Georgia exported oil products worth EUR 814 million to countries that have imposed sanctions on Russia, including the European Union, Australia and the United States, during June. --IANS pk

The negotiations are important as the two sides have targeted to increase the bilateral trade to $50 billion by 2030.

India and Canada have concluded the third round of CEPA negotiations in Ottawa, making steady progress toward a comprehensive trade agreement aimed at strengthening economic ties and boosting bilateral trade.

India's imports of Russian crude oil reached a record high in June, totaling EUR 4.5 billion, or 83% of its Russian fossil fuel imports.

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India and Canada concluded the third round of negotiations for the proposed Comprehensive Economic Partnership Agreement (CEPA) in Ottawa on July 10, as the two sides look to wind up the talks this year itself. The issues that figured in the five-day talks include trade in goods, services, intellectual property, rules of origin, sanitary and phytosanitary measures, and technical barriers to trade, among others. "India and Canada concluded the 3rd Round of negotiations for the India-Canada CEPA in Ottawa from 6-10 July 2026. The discussions witnessed positive progress across multiple negotiating tracks, reaffirming the shared commitment of both countries to conclude the negotiations in 2026, in line with the vision of the leaders," the Department of Commerce said in a social media post. The negotiations are important as the two sides have targeted to increase the bilateral trade to USD 50 billion by 2030. In 2025-26, the two-way trade dipped 8.22 per cent to USD 7.95 billion (USD 4.

India-Canada FTA: The two sides look to wind up the talks this year itself.

India and Canada concluded their third CEPA negotiation round in Ottawa. Both nations aim to finalize this comprehensive economic partnership agreement this year. Discussions covered trade in goods, services, and intellectual property rights. Bilateral trade targets fifty billion US dollars by the year 2030. This agreement seeks to strengthen economic ties between the two countries.

The five-day talks addressed issues including trade in goods and services, intellectual property, rules of origin, and technical barriers to trade