India’s Russian oil imports hit record; refined fuel flows to nations sanctioning Moscow
India's imports of Russian crude oil reached record levels in July, continuing a trend of reliance on discounted energy supplies despite Western sanctions. The increase comes amid potential new U.S. tariff threats targeting nations that import significant volumes of Russian oil.
Why it matters
India's energy strategy highlights the tension between global geopolitical sanctions and national economic interests regarding affordable fuel.
India's purchases of Russian crude oil reached a fresh record in July for the second straight month, according to data compiled by the Centre for Research on Energy and Clean Air (CREA). This highlights India’s continued preference for discounted supplies from Russia despite tighter Western sanctions on Moscow's energy exports.The US sanctions waiver on Russian crude has expired and a fresh tariff threat of up to 100% looms as the Trump administration pushes for a Russia sanctions bill that gives the American president powers to impose tariffs on biggest oil importers from Moscow.Also Read | Beijing’s billion-barrel weapon: Why India must prepare for China-driven oil pricesIndia's reliance on Russian crude has increased sharply since Russia invaded Ukraine in February 2022.
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