India is ramping up its imports of Russian oil, despite tariffs imposed by the United States and international criticism. Senior officials in the White House accuse the Indian leadership of financing Russia’s war against Ukraine through active oil purchases, referring to this phenomenon as “Modi’s War.”
This is reported by Business • Media
Increase in Supplies and India’s Role in the Oil Market
According to industry sources, Indian refineries plan to increase their purchases of Russian oil by 10-20% in September 2025 compared to August, which amounts to an additional 150,000 – 300,000 barrels of crude per day. Experts note that without India’s participation, the Russian Federation would not be able to maintain its current levels of oil exports.
During the first 20 days of August, imports of Russian oil to India reached 1.5 million barrels per day — the same as in July, although slightly lower than the average of 1.6 million barrels per day recorded from January to June of this year. India remains the world’s largest buyer of Russian oil transported by sea, with the Russian Federation accounting for approximately 40% of the country’s oil needs.
Financial Benefits and Risks for India
“In the first 20 days of August, India imported 1.5 million barrels of Russian oil per day, the same as in July, but this is slightly below the average of 1.6 million barrels per day for the January-June period.”
The head of Oil and Natural Gas Corporation stated that Indian refineries will continue to purchase Russian oil as long as its price remains economically attractive. Since the onset of Russia’s full-scale aggression against Ukraine, India has saved approximately $17 billion by importing cheap Russian oil.
At the same time, the 50% tariff imposed by the US on Indian goods due to the purchases of Russian oil could lead to a reduction of more than 40% in India’s annual exports to the US — nearly $37 billion. It is worth noting that the US remains the largest market for Indian goods.