India imported 8.7 MMT of Russian oil in June 2026, which was simply 1% decrease than in Might, and 25% increased than in June of final yr. File (Representational picture)
| Picture Credit score: Reuters
At a time when the U.S. looks all set to enact legislation to impose a tariff of as much as 100% on India for its Russian oil imports, an evaluation of the newest information reveals Russia’s share in India’s oil imports rose to an all-time-high of 48% in June 2026.
Editorial | Oil conundrum: On India’s energy imports from Russia
The U.S. Senate final week handed the bipartisan Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 which seeks to levy tariffs of as much as 100% on international locations that proceed to purchase Russian oil and fuel, and that had been the most important purchasers of those merchandise from Russia over the earlier yr. India qualifies for tariffs underneath these standards.
The Invoice nonetheless requires to be handed by the U.S. Home of Representatives earlier than it turns into regulation.
An evaluation by The Hindu of the newest information from the Ministry of Commerce and Trade reveals that India considerably lowered its complete crude oil imports in June 2026. When it comes to quantity, June crude oil imports at 18.2 million metric tonnes (MMT) had been down 16.5% in comparison with Might 2026, and had been 13% decrease than in June final yr.
Nonetheless, elevated crude oil costs this yr have meant that the oil import invoice, whereas 22% decrease in June 2026 than in Might, was nonetheless 40% increased than in June of final yr.
Russia’s share at historic excessive
Whereas India drastically lower down on total oil imports, its purchases from Russia bucked this pattern. That’s, India imported 8.7 MMT of Russian oil in June 2026, which was simply 1% decrease than in Might, and 25% increased than in June of final yr.
Because of this technique, Russia’s share in India’s crude oil imports jumped to 48% by way of amount and 48.6% by way of the worth. Russia’s share has been rising constantly each month since March and the outbreak of the battle in West Asia.
Based on the U.S. Invoice, the tariffs would apply on a rustic that was among the many 5 largest importers of crude oil or pure fuel from Russia throughout the 12 months previous the date of the enactment of the Act, and that then continues to import oil or fuel from Russia after 30 days of the enactment of the Act.
China and India are the highest two importers of Russian oil and India’s rising dependence on Russian oil reveals it can not shortly in the reduction of on this supply at a time when provides via the Strait of Hormuz are nonetheless constrained.
The premium Russia has charged India for its oil has been steadily declining, the info reveals, from $77.7 per tonne in April 2026 to $10.6 per tonne in June. Russia had been offering India a reduction till as just lately as February 2026.
India’s sanctions publicity
The Invoice additionally specifies that tariffs might be imposed on international locations which have helped Russia evade sanctions. The Ministry of Petroleum and Pure Gasoline (MoPNG) advised The Hindu that India has particularly taken measures to pre-empt any sanctions publicity.
“It [sanctions exposure] was pre-empted via ship-to-ship switch operations in worldwide waters by way of the Pink Sea route via Yanbu and Fujairah exactly so {that a} single choke level, or a single sanctions regime, couldn’t halt India-bound cargo,” MoPNG mentioned in a clarificatory word it had despatched The Hindu in late July.
It’s unclear as of now whether or not India’s actions would entail serving to Russia evade sanctions.
Deepening focus
Other than Russia, the United Arab Emirates (UAE) too noticed its share in India’s oil imports rise to historic highs. India sourced 17.5% of its oil imports by quantity from the UAE in June 2026 and 18% by worth, the very best share for each to date.
Taken collectively, which means that Russia and the UAE collectively accounted for practically two-thirds of India’s oil imports in June 2026, the highest-ever mixed share loved by any two international locations. The MoPNG, nonetheless, mentioned that such focus was not a matter of concern given Indian oil advertising corporations stand able to diversify shortly.
“Indian refineries had spent a decade buying the logistical flexibility to modify between crude grades and transport routes the second disruption struck, which is the definition of a diversification technique, not its absence,” the word mentioned.
Printed – August 10, 2026 03:44 pm IST
