India’s July crude imports from Russia hit a new high, accounting for over half of total shipments, as New Delhi balances discounted Russian supplies with Gulf sources amidst US legislative threats and ongoing geopolitical risks.
Russian crude accounted for 55.5% of India’s crude imports in July, a record share that underlined how deeply the world’s third-largest oil consumer has come to rely on discounted barrels from Moscow. Indian refiners brought in 2.8 million barrels a day from Russia last month, out of total crude imports of a little more than 5 million barrels a day, according to data compiled by the Centre for Research on Energy and Clean Air.
The July volume was also the second monthly record in a row and was slightly higher than June in outright terms. It stood well above India’s average Russian crude purchases of about 1.8 million barrels a day in 2024, reinforcing Russia’s position as the dominant supplier to Indian refiners.
The surge was not driven by Russian supply alone. Shipping data compiled by Kpler showed that Indian refiners also stepped up purchases from Saudi Arabia and Iraq, while crude from Kuwait returned to the mix for the first time since March. That diversification came as flows out of the Gulf were helped by a brief easing in tension around the Strait of Hormuz, even as risks in both the Strait of Hormuz and the Bab el-Mandeb in the Red Sea continued to shape buying patterns.
The timing is politically sensitive. According to the report, the US Senate has moved forward with legislation that could give President Donald Trump the power to impose tariffs of up to 100% on countries among the largest buyers of Russian oil and gas. Indian officials have repeatedly argued that their import choices are driven by price and supply reliability rather than geopolitics, but the latest figures show Russia’s crude now accounting for more than half of India’s intake for the first time.
For Moscow, the numbers point to the endurance of a key wartime export market. For India, they suggest a pragmatic sourcing strategy: keep taking advantage of Russian discounts while maintaining access to Gulf supplies whenever maritime conditions allow. The result is a more complex energy balance, but one that leaves New Delhi exposed both to shipping disruption and to renewed pressure from Washington.
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