Russia Accounts for Record 51% of India's Oil Imports in July Ahead of Proposed US Tariffs

Russia accounted for over 51 percent of India's oil imports in July at 110.4 lakh tonnes, marking an all-time high amid discussions of US tariffs.

The import volume increased by 26 percent compared to June and nearly 55 percent compared to July last year, elevating India's monthly import bill to $7.3 billion.

The data showed that India paid an average of $658.6 per tonne for Russian oil in July, slightly lower than the overall import average of $669 per tonne.