India imported over half of its crude oil from Russia in July 2026, highlighting increasing dependency on discounted Russian barrels amid growing geopolitical and supply chain uncertainties, with potential risks of US sanctions and disrupted supply routes.
Russia accounted for an estimated 52% of India’s crude-oil imports in July 2026, according to the Global Trade Research Initiative, underscoring how deeply dependent the world’s third-largest oil consumer has become on discounted Russian barrels. The share was up from 48.6% in June, when India imported $14.8 billion worth of crude, including about $7.2 billion from Russia.
GTRI said India’s government has disclosed that total imports from Russia reached $8.9 billion in July, but did not break out the crude-oil component. Using June’s crude share of 82% of all imports from Russia, the think tank estimated that Russian crude purchases in July were worth about $7.3 billion. On the same basis, it calculated that India imported roughly $14 billion of crude in total, leaving Russia with just over half the market.
That estimate fits broader market data showing how sharply India’s oil bill has risen even as volumes have eased. Business Standard reported that India’s crude import bill jumped 48% year on year to $14.7 billion in June, while the average price of India’s basket crude climbed to $85.47 a barrel from $69.77 a year earlier. Other reports from the Financial Express and LiveMint said Russian crude arrivals hit about 2.6 million barrels a day in June, giving Russia roughly half of India’s oil intake.
The shift has left New Delhi exposed to growing geopolitical risk. The GTRI warned that proposed US sanctions legislation could expose countries buying Russian energy to tariffs of as much as 100% if enacted and applied broadly. It argued that India has limited room to cut Russian purchases quickly without raising import costs, disrupting refinery operations and adding to inflation, while also increasing dependence on supply routes through West Asia. S&P Global said refiners have already been securing crude through September as they look ahead to fourth-quarter needs, reflecting the challenge of diversifying supply amid wider shipping risks in the Strait of Hormuz and Bab al-Mandab.
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