India’s reliance on Russian crude oil hit a record high in July, surpassing 50%, but US tariff threats bring uncertainty

智通财经2026/08/14 05:06

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(1) Trade data shows that in July, India's crude oil imports from Russia accounted for 50.83% of its total imports, with a daily import volume of 2.47 million barrels, marking a record high in dependency; this represents a year-on-year increase of 62.4%, but is a 4.8% decrease from the historical peak of 2.6 million barrels per day in June. (2) In January this year, as India was negotiating trade agreements with the United States, Indian refineries reduced their purchases of Russian crude oil to avoid additional U.S. tariffs; however, the Iran conflict disrupted Middle Eastern supplies, forcing Indian refiners to continue buying Russian crude oil. (3) This month, the U.S. Senate passed a bill intending to impose a 100% tariff on purchasers of Russian crude oil, increasing economic pressure, but the House of Representatives has yet to approve it. India's future imports of Russian oil face policy uncertainty.

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