India Faces Up to 100% Tariffs on Russian Crude Oil Purchases
The US may impose up to 100% tariffs on India for its Russian crude oil purchases under a new sanctions bill. The Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 would give President Donald Trump authority to impose such tariffs on countries that buy large quantities of Russian energy.
Last year, the US imposed 25% penal tariffs on India's Russian crude oil imports, but India continued to buy from Russia, reducing only when Russian majors were sanctioned. Experts say a complete halt to Russian crude imports is unlikely in the near term.
India's dependence on Russian crude has increased, with Russia supplying approximately 55% of India's crude imports in July. The country has a diversified crude basket with over 40 suppliers, but replacing Russian volumes entirely would be challenging under current market conditions.