As U.S. readies 100% tariffs, Russia provided more than half of India’s oil imports in July

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Russia accounted for more than 51% of India’s oil imports in July, an all-time-high, up from just a little less than 50% in the previous month, the latest official data shows. This comes even as the U.S. House of Representatives on Wednesday passed a Bill that could see 100% tariffs being imposed on India and a few other countries for their import of Russian oil.

The U.S. House of Representatives passed the ‘Lindsey O. Graham Sanctioning Russia and Iran Act of 2026’ on September 16. The Act seeks to impose tariffs of up to 100% on the top 5 countries absorbing the largest shares of Russia’s oil exports.

An analysis of data from the Ministry of Commerce and Industry shows that India imported 110.4 lakh tonnes of oil from Russia in July 2026, the latest month for which data is available. This works out to nearly 52% of India’s total oil imports that month, the highest-ever share that Russian oil has enjoyed.

India’s oil imports from Russia in July 2026 were also 26% higher than in June, and nearly 55% higher than in July last year.

This sharp increase in volumes, coupled with elevated oil prices, also meant that India’s Russian oil import bill shot up in July 2026 as compared to last year. That is, India’s import bill on Russian oil stood at $7.3 billion in July 2026 more than double the $3.6 billion spent in July last year.

The U.S. legislation that threatens the tariffs for such imports will now head to the desk of U.S. President Donald Trump. It is expected to become law soon after, since Mr. Trump has been keen to strangle Russia’s oil exports in a bid to cut off financing for the country’s war with Ukraine.

The data, however, shows that India received Russian oil at a slight discount. While India paid an average of $669 a tonne for its total oil imports in July 2026, it paid Russia an average of $658.6 a tonne for its oil that month.

economy, business and finance / international (foreign) trade / imports

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