India Cuts Russian Oil Imports as New U.S. Sanctions Threaten Punitive Tariffs

India's imports of Russian crude oil are continuing to decline, with preliminary Kpler data showing September shipments falling to around 1.9 million barrels per day. The downturn follows a 16.5% drop in August to 2.1 million bpd, down from a peak of 2.8 million bpd in July. Refiners are increasingly diversifying toward Middle Eastern suppliers as newly enacted U.S. legislation authorizes tariffs of up to 100% on major buyers of Russian energy. Additionally, India's crude import bill surged 48.4% year-over-year to $74.8 billion between April and August, further eroding the financial advantages of discounted Russian crude.