August 15, 2026: Indian dependence on Russia's crude surged to a record in July, with shipments from the country making up 50.83% of imports by the third-biggest oil buyer and consumer, or 2.47 million barrels per day, data from trade sources showed.

India's July imports of Russian oil were up 62.4% from a year earlier, but down 4.8% from June's record figure of 2.6 million bpd, the data showed.

 

In January, Indian refiners began cutting Russian oil imports to avoid higher U.S. tariffs as New Delhi negotiates a trade deal with Washington

However, disruptions to Middle ⁠East supply triggered by the Iran war compelled Indian refiners to keep buying Russian barrels.

But India's Russian crude buying faces uncertainty after legislation passed by the U.S. Senate this month to impose tariffs of 100% on buyers of Russian oil, stepping up economic pressure on Moscow over its 2022 invasion of Ukraine.

The House of Representatives has yet to approve the measure.

(Source: Reuters)