India has increased its imports of Russian crude oil to record levels, helping Russia sustain its exports despite challenges facing its oil industry.

Bloomberg stated this in an article, according to Ukrinform.

According to the agency, based on vessel-tracking data, Indian ports received more than 2.3 million barrels of Russian oil per day in June. Deliveries in July remain at nearly the same level. This is a significant increase. By comparison, before Russia’s full-scale invasion of Ukraine more than four years ago, India’s imports of Russian oil were almost zero.

Although exports from several of Russia's largest oil producers remain under U.S. sanctions, buyers appear largely undeterred. While sanctions imposed late last year were expected to significantly reduce shipments, the growing use of intermediaries has instead enabled Russia to substantially increase exports.

Record deliveries to India have also been driven by reduced imports from Persian Gulf countries, higher Russian export volumes, and falling prices for Russian crude.

The export price of Urals crude from Baltic ports fell to $48.27 per barrel, while shipments from Black Sea ports declined to $47.78 per barrel. Meanwhile, ESPO crude exported through Russia's Pacific ports rose by 20 cents to $63.69 per barrel.

The delivered price of Russian crude to India has fallen for 13 consecutive weeks, dropping another $1.60 to $65.28 per barrel, the lowest level since mid-March.

Earlier this year, the threat of U.S. sanctions prompted some Indian refiners to temporarily avoid purchasing Russian oil. That caution could return as a bipartisan group of U.S. senators is expected to introduce legislation imposing new sanctions on Russia.

The proposed bill would authorize tariffs of up to 100% on the five largest buyers of Russian oil and natural gas, including India. However, it remains unclear whether U.S. President Donald Trump would support such measures, as Washington and New Delhi are currently engaged in trade negotiations.

At the same time, rapidly growing exports and longer customs clearance times have led to an accumulation of Russian crude at sea. As of Sunday, approximately 137 million barrels of Russian oil were being stored aboard tankers.

As Ukrinform previously reported, a sanctioned tanker from Russia's shadow fleet has spilled oil within a protected marine conservation area off the coast of Oman.

Illustrative photo: Unsplash