EU countries reached a deal on their 12th sanctions package against Russia, resolving a dispute over Russian gas shipments to third countries with a limited exemption for existing contracts. The bloc also agreed to freeze its price cap on Russian crude oil for 12 months.
India's imports of Russian crude oil reached a record high in June. Reports suggest India is supplying gasoline to Russia, likely through traders, to meet domestic demand exacerbated by Ukraine war-related refinery damage. Indian refiners can produce the required gasoline grades.
India's crude oil imports from Russia are projected to reach an all-time high of 2.35 million barrels per day in June, driven by Strait of Hormuz disruptions and continued demand. Russia has become India's primary supplier since the US-Iran conflict began.
British officials anticipate Russian retaliation after the seizure of the oil tanker Smyrtos, valued at $40m. UK ship owners are advised to be vigilant amid heightened tensions between London and Moscow, exacerbated by the UK's support for Ukraine.
Russia's crude oil and petroleum product exports reached 7.35 million barrels per day in May 2026, a 0.14% increase from April, despite a 3.26% revenue drop to $20.79 billion due to lower energy prices.
India maintained its position as the second-largest buyer of Russian crude oil in May, with purchases reaching approximately 4.8 billion euros ($5.6 billion), a 7% increase from April. China remained the top importer.
Ukraine plans to increase military wages by one-third to 30,000 hryvnias and offer fixed-term contracts to boost recruitment. President Zelenskyy also aims to recruit more foreign volunteers. Meanwhile, Russia's Putin claims Ukrainian drone strikes aim to sow confusion and damage the economy, though he admits some economic damage.
Indian refiners are increasingly replacing Russian oil with supplies from Latin America and Africa due to disruptions in Middle Eastern energy flows. Russian crude imports to India dropped significantly in March and April, with further diversification expected despite a projected increase in May.
The UK has issued a licence indefinitely allowing imports of diesel and jet fuel made from Russian crude oil if refined in third countries, reversing a ban imposed last year. The move comes amid fears of jet fuel shortages due to Middle East conflict and follows similar rollbacks in the US and EU.
The UK government has eased sanctions on Russian jet fuel and diesel refined in third countries, citing soaring fuel prices due to the Iran war and Strait of Hormuz closure. The move, allowing imports from countries like India and Turkiye, was criticized by the EU but defended by the UK as temporary and specific.
The UK government has relaxed sanctions on Russian crude oil, allowing imports of refined jet fuel and diesel from third countries like India and Turkey. This move, aimed at curbing surging fuel costs and protecting national interest amid global conflicts, has drawn criticism from opposition figures concerned about supporting Russia.
The US has extended a sanctions waiver for 30 days, allowing countries to buy Russian seaborne crude. This move aims to stabilize global markets and aid vulnerable nations, potentially softening prices and benefiting Indian refiners who have increased purchases from Russia.
The US has extended a sanctions waiver on Russian crude oil purchases for 30 days, aiming to stabilize global prices and aid energy-vulnerable nations. India affirmed it will continue imports based on commercial viability, regardless of the waiver status.
India has reportedly rejected Russian LNG cargoes under US sanctions, despite energy security worries. A sanctioned Russian LNG shipment is now stranded near Singapore as India navigates compliance risks. While India continues to import Russian crude, LNG is harder to conceal from global tracking systems. Discussions are ongoing for non-sanctioned Russian supplies.
India's imports of Russian crude oil declined 20% month-on-month in April to 1.57 million barrels per day, down from nearly 2 million in March. The March surge was driven by supply disruptions from the US-Iran war and Strait of Hormuz closure, prompting refiners to tap readily available floating Russian cargoes. April volumes were affected by loading disruptions at a Russian export terminal following a Ukrainian attack. Indian Oil Corporation remained the largest importer at 670,000 bpd, accounting for 42% of total purchases.
In March, with the US sanctions waiver in effect, India has aggressively procured Russian crude, picking up millions of barrels. India has never officially said that it will stop buying Russian crude, and even when levels dropped after sanctions, Russia was still the biggest contributor.
Refining companies indicate they have sufficient supplies for the next month, but prices no longer reflect the discounted levels seen in the years following the Ukraine conflict. At the same time, the volume of crude available in transit is shrinking quickly.
