India's Record-Breaking Imports of Russian Crude Oil Soar

India's imports of Russian crude oil have reached a fresh record high in July for the second consecutive month, according to data compiled by the Centre for Research on Energy and Clean Air (CREA). The country imported Russian crude worth 5.5 billion euros in July, representing a 2.1 percent increase over June in terms of import volumes.

This marks a significant milestone in India's efforts to diversify its energy sources, with the country now sourcing liquefied natural gas from 15 countries and crude oil from 41 nations.

The United States sanctions waiver on Russian crude has expired, but a fresh tariff threat looms, with up to a 100 percent tariff possible. Despite this, India's imports of Russian crude continue to rise, with the country becoming its largest supplier in 2023, accounting for 39 percent of total imports.

The Indian government is expanding its ability to hold crude domestically, with three storage facilities operated by the Indian Strategic Petroleum Reserve Ltd currently in Andhra Pradesh and Karnataka, with a combined capacity of 5.33 million metric tonnes.