India's Russian Oil Imports Plunge Amid Looming US Tariffs

India's imports of Russian crude oil have declined by 16.5% in August, according to trade figures referenced by Reuters.

The drop comes as the US has granted itself the power to levy duties of up to 100% on significant purchasers of Russian oil under the Lindsey O. Graham Sanctioning Russia and Iran Act signed by President Donald Trump last week.

Russian deliveries to India fell to approximately 2.1 million barrels per day in August, down from July's record highs, while preliminary Kpler figures indicate September imports at 1.9 million bpd.

Indian refiners had already been reallocating cargoes as Middle Eastern supply channels improved, with Iraqi crude purchases climbing about 25% to 171,000 bpd in August and Saudi imports edging up 1.5% to 328,000 bpd.