Russia Fuels 37% of India’s Crude Oil Imports 🚢

Key Takeaways

• India's imports of Russian crude oil have risen from less than 1% of total imports before the war in Ukraine to 37% in 2024.
• Iraq stands as the second-largest supplier, at 21% of the total.
• The U.S. drives just 9% of India's crude imports.

India's Oil Imports in the Crosshairs

Since Russia's invasion of Ukraine, India's imports of its crude oil have surged, causing tension with the U.S. to escalate.

On August 27, a 50% tariff is set to hit Indian imports to the U.S., with 25% of this being a penalty for importing Russian crude oil.

Today, India stands as one of Russia's biggest importers of crude, driven in part by its favorable prices.