August 11, 2026: 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. 

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.

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.

(Source: The Hindu)