India's Russian oil imports have hit record highs, accounting for 48% of its total oil purchases in June 2026. At same time, U.S. Senate is readying a bill that could slap tariffs up to 100% on countries,including India,still buying Russian oil .
The Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 passed Senate last week,now awaits House approval . If it becomes law,it targets top five importers of Russian oil and gas,penalizing those who don't cut ties .
Despite a general drop in crude imports,India's buying from Russia bucks trend. June saw 8.7 million metric tonnes (MMT) of Russian oil come in,down 1% from May but up 25% from same month last year. Russia's slice of India's crude pie now at historic high.
Total crude imports for India fell to 18.2 MMT in June,down 16.5% from May and 13% from June 2025. But import bill still hefty due to global oil prices,40% higher than a year ago,even with a 22% drop from May.
India's growing Russian oil dependency sparks sanctions worries. U.S. bill warns of tariffs on nations helping Russia dodge sanctions. India's Petroleum Ministry says it's taking steps to avoid trouble,like ship-to-ship transfers in international waters.
Since West Asia conflict kicked off,Russia's share of India's oil imports has climbed steadily. Russian oil premium dropped sharply, from $77.7 per tonne in April to $10.6 in June. Pricing dynamics have shifted,with Russia offering discounts until Feb 2026 .
UAE also upping its stake in India's oil imports. In June 2026, UAE made up 17.5% by volume and 18% by value of India's oil imports, record for both . Together,Russia and UAE now account for nearly two-thirds of India's oil imports.
Despite concentration from these two,Petroleum Ministry downplays over-reliance fears. It says Indian oil companies are flexible,able to adapt quickly to disruptions by switching crude grades and routes .
As U.S. nears tariff law enactment,India's energy strategy faces test. Geopolitical tensions and volatile oil prices will likely shape India's future import choices... What next for India's energy game?
