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 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.
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.
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 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'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.
