Russia’s oil accounts for 48 percent of India’s imports despite US tariffs

In Brief

1. Russia's share in India's oil imports reached an all-time high of 48%.
2. The US Senate approved a bill imposing tariffs of up to 100% on top Russian oil importers.
3. India is among the top five countries targeted by the US tariffs legislation.
4. The bill now awaits approval from the US House of Representatives before becoming law.

Russia's oil exports to India have surged dramatically, accounting for nearly half, or 48%, of India's total oil imports—a new historical high. This increase comes amid growing geopolitical tensions and global economic sanctions against Russia over its actions in Ukraine.

Meanwhile, the US Senate has passed a bill that would impose tariffs of up to 100% on the top five countries importing Russian oil and gas. India is reportedly among those nations subject to this measure. The legislation aims to pressure countries that continue significant energy trade with Russia despite sanctions.

The bill now moves to the US House of Representatives for approval. If enacted, these tariffs could disrupt global oil trade patterns and complicate India's energy procurement strategy. However, despite the looming tariffs, India's reliance on Russian crude remains near historic highs, underscoring its strategic and economic considerations in securing energy resources.