India's Oil Imports from Russia Hit Record High Amid Geopolitical Risks

India's reliance on Russian oil has reached a record high in July, accounting for over half of its crude imports. The country imported around 2.47 million barrels per day from Russia, up 62.4% compared to the same period last year. This surge is due to disruptions in Middle Eastern supplies caused by the Iran conflict.

Russia's share of India's crude imports has been increasing steadily since April, reaching 50.83% in July. The country's dependence on Russian oil comes with a significant geopolitical risk, as the US Senate has passed legislation that could impose 100% tariffs on buyers of Russian oil.

The proposed measure requires approval from the US House of Representatives before it can become law. If enacted, it could make Russian crude more expensive for Indian refiners, forcing them to seek alternative suppliers at potentially higher costs. This could increase India's overall import bill and put additional pressure on the rupee.