Russia’s share in India’s oil imports jump to all-time high of 48% despite 100% tariffs threat from U.S.

At a time when the U.S. looks all set to enact legislation to impose a tariff of up to 100% on India for its Russian oil imports, an analysis of the latest data shows Russia’s share in India’s oil imports rose to an all-time-high of 48% in June 2026. 

Editorial | Oil conundrum: On India’s energy imports from Russia

The U.S. Senate last week passed the bipartisan Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 which seeks to levy tariffs of up to 100% on countries that continue to buy Russian oil and gas, and that were the largest purchasers of these products from Russia over the previous year. India qualifies for tariffs under these criteria.

The Bill still requires to be passed by the U.S. House of Representatives before it becomes law.

An analysis by The Hindu of the latest data from the Ministry of Commerce and Industry shows that India significantly lowered its total crude oil imports in June 2026. In terms of volume, June crude oil imports at 18.2 million metric tonnes (MMT) were down 16.5% compared to May 2026, and were 13% lower than in June last year. 

However, elevated crude oil prices this year have meant that the oil import bill, while 22% lower in June 2026 than in May, was still 40% higher than in June of last year. 

Russia’s share at historic high

While India drastically cut down on overall oil imports, its purchases from Russia bucked this trend. That is, India imported 8.7 MMT of Russian oil in June 2026, which was just 1% lower than in May, and 25% higher than in June of last year. 

As a result of this strategy, Russia’s share in India’s crude oil imports jumped to 48% in terms of quantity and 48.6% in terms of the value. Russia’s share has been rising consistently every month since March and the outbreak of the war in West Asia. 

According to the U.S. Bill, the tariffs would apply on a country that was among the five largest importers of crude oil or natural gas from Russia during the 12 months preceding the date of the enactment of the Act, and that then continues to import oil or gas from Russia after 30 days of the enactment of the Act. 

China and India are the top two importers of Russian oil and India’s rising dependence on Russian oil shows it cannot quickly cut back on this source at a time when supplies through the Strait of Hormuz are still constrained.

The premium Russia has charged India for its oil has been steadily declining, the data shows, from $77.7 per tonne in April 2026 to $10.6 per tonne in June. Russia had been providing India a discount until as recently as February 2026.  

India’s sanctions exposure

The Bill also specifies that tariffs could be imposed on countries that have helped Russia evade sanctions. The Ministry of Petroleum and Natural Gas (MoPNG) told The Hindu that India has specifically taken measures to pre-empt any sanctions exposure.

“It [sanctions exposure] was pre-empted through ship-to-ship transfer operations in international waters via the Red Sea route through Yanbu and Fujairah precisely so that a single choke point, or a single sanctions regime, could not halt India-bound cargo,” MoPNG said in a clarificatory note it had sent The Hindu in late July. 

It is unclear as of now whether India’s actions would entail helping Russia evade sanctions. 

Deepening concentration  

Apart from Russia, the United Arab Emirates (UAE) too saw its share in India’s oil imports rise to historic highs. India sourced 17.5% of its oil imports by volume from the UAE in June 2026 and 18% by value, the highest share for both so far. 

Taken together, this means that Russia and the UAE together accounted for nearly two-thirds of India’s oil imports in June 2026, the highest-ever combined share enjoyed by any two countries. The MoPNG, however, said that such concentration was not a matter of concern given Indian oil marketing companies stand ready to diversify quickly.

“Indian refineries had spent a decade acquiring the logistical flexibility to switch between crude grades and shipping routes the moment disruption struck, which is the definition of a diversification strategy, not its absence,” the note said.