India’s Russian oil cuts predate U.S. tariffs: data, Pg1

Key Highlights:

• India reduced its oil imports from Russia by 29% in value and 17% in volume in September 2025 compared to September 2024.
• This reduction is part of a larger strategy to decrease dependence on Russian oil, predating the U.S.'s 50% tariffs imposed in August 2025.
• Russian oil accounted for 31% of India's total oil imports in September 2025, down from 41% in September 2024.
• India is diversifying its oil import sources, increasing shares from the U.S. and UAE in the first six months of 2025-26.

Detailed Insights:

• India's dependence on Russian oil grew significantly after the Russia-Ukraine war, due to sanctions and discounted prices offered by Russia.
• The share of Russian oil in India's imports rose from 1.6% in 2020-21 to 35.1% in 2024-25, before decreasing to 32.3% in the first half of 2025-26.
• The U.S. share of India's oil imports decreased to 4.6% by 2024-25, but has since increased to 8% in the first six months of 2025-26, indicating diversification.
• Formal trade talks between India and the U.S. have resumed, with discussions about a potential Bilateral Trade Agreement.
• The Ministry of Commerce and Industry official stated that while U.S. tariffs are a factor, they are not the primary driver of India's oil import policies.

India's Oil Imports.png

Key Concepts Involved:

• Tariffs: Taxes imposed on imported goods, impacting trade and pricing.
• Diversification: Reducing reliance on a single source by obtaining resources from various suppliers.
• Bilateral Trade Agreement: An agreement between two countries to promote trade and reduce trade barriers.