New Delhi, India – Russia’s share in India’s crude oil imports surged to an all-time high of 48% in June 2026, even as the United States moves closer to enacting legislation that would impose tariffs of up to 100% on countries importing Russian oil. The bipartisan Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, passed by the US Senate, seeks to penalize the top five importers of Russian oil and gas, a list that includes India and China. The bill now awaits passage in the House of Representatives before it becomes law.
According to an analysis of Ministry of Commerce and Industry data, India significantly reduced its total crude oil imports in June 2026, with volumes falling 16.5% compared to May. However, purchases from Russia bucked this trend, remaining nearly unchanged at 8.7 million metric tonnes (MMT), which was 25% higher than in June 2025. This strategy pushed Russia’s share to 48% by volume and 48.6% by value, marking a consistent rise since March. Meanwhile, the UAE also saw its share rise to a historic high of 17.5%, meaning Russia and the UAE together accounted for nearly two-thirds of India’s oil imports in June.
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The data also showed that the premium Russia charged India for its oil has been steadily declining, from $77.7 per tonne in April to $10.6 per tonne in June, a significant shift from the discount provided until February. The Ministry of Petroleum and Natural Gas (MoPNG) stated that India has taken measures to pre-empt any sanctions exposure through ship-to-ship transfer operations in international waters. The ministry also defended the concentration of imports, arguing that Indian refineries have acquired logistical flexibility to switch between crude grades and routes, characterizing this as a diversification strategy. The tariff threat from the US, however, underscores the geopolitical tension surrounding India’s energy security choices.
