According to a report updated by Bloomberg on September 22nd, local time in the United States, sources familiar with the matter said that India may limit the proportion of Russian crude oil in its total crude oil imports to 20% to 30% in the short term, in order to reduce the risk of being affected by U.S. tariff measures.
As the world's third largest crude oil importer, India has increased its imports of Russian crude oil to over 50% of its total imports in recent months in order to cope with high oil prices and disrupted Middle Eastern supplies. India has become Russia's largest buyer of maritime crude oil.
This pattern has undergone a dramatic change due to the implementation of a new U.S. law.
The White House announced on September 18 that President Trump had signed the “Lindsey Graham Sanctioning Russia and Iran Act of 2026”. This act authorizes the imposition of punitive tariffs of up to 100% on the top five countries that import Russian crude oil or natural gas.
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Bloomberg quoted sources as saying that senior Indian officials will continue to hold intensive discussions with the U.S. government regarding tariff exemptions and trade terms. Meanwhile, in recent days, including major Indian oil refineries have begun to seriously look for alternative oil supplies.
However, it is not easy to replace Russia's crude oil supply, as the supply from Russia far exceeds that of Venezuela or Iran, and market prices are high.
“As long as the price has competitive strength, India should continue to purchase crude oil from Russia,” said Ajey Srivastavawa, founder of the Global Trade Research Initiative based in Xin De. “India should disregard US tariffs and threats because they are endless. The US may soon come up with more ways to levy tariffs.”
