India's imports of Russian crude oil surged to an all-time high in June 2026, reaching 48% of its total oil imports by quantity and 48.6% by value, totaling over $5.14 billion. This occurred despite threats from the U.S. to impose up to 100% tariffs on India's Russian oil purchases. In June, India imported 8.7 million metric tons of Russian oil, only 1% less than in May but 25% higher year-over-year. China and India are the primary importers of Russian oil, and India's increasing dependence is attributed to constrained supplies through the Strait of Hormuz and the declining premium Russia charges, which fell from $77.7 per tonne in April to $10.6 per tonne in June.
This trend continued into July 2026, with India importing a record 2.8 million barrels per day (mbpd) of Russian crude, surpassing June's 2.7 mbpd. Russian crude accounted for nearly 55% of India's total crude imports of around 5 mbpd in July, solidifying Russia's position as India's largest oil supplier. This increased reliance is largely due to geopolitical disruptions in the Middle East, particularly in the Strait of Hormuz and Bab el-Mandeb, making Russian crude a more attractive and stable option for Indian refiners, who can process Russian grades without significant operational changes.
Analysts from Kpler and ICRA anticipate that Russia will remain a significant supplier to India in the near term. While June was a peak, not necessarily a new plateau, the ongoing disruptions in the Middle East, coupled with the need for countries to refill strategic reserves, suggest continued strong demand for Russian oil. The average price of Russia’s Urals crude in June 2026 was $63.18 per barrel, still considerably higher than the EU and UK price cap of $44.1 per barrel. Experts note that India's strategy is to maintain optionality, including Russian, Venezuelan, American, and potentially Iranian barrels, to avoid over-reliance on a single source.
