According to trade channel data, India's dependence on Russian crude oil set a historical record in July; as the world's third-largest oil importer and consumer, India's crude oil imports from Russia in that month accounted for 50.83% of total imports, with a daily import volume of 2.47 million barrels. According to the data, India's imports of Russian crude oil increased 62.4% year on year in July, but fell 4.8% from the record high of 2.6 million b/d in June. In January of this year, as India is negotiating a trade agreement with the US, in order to avoid imposing tariffs imposed by the US, Indian refiners began to cut Russian crude oil purchases. However, the Iran conflict disrupted supply to the Middle East, forcing Indian refiners to continue to buy Russian crude oil. However, the US Senate passed a bill this month to levy 100% tariffs on buyers of Russian crude oil to increase pressure on Moscow's economy. India's procurement of Russian crude oil is facing uncertainty as a result. The US House of Representatives has yet to approve this bill.

According to trade channel data, India's dependence on Russian crude oil set a historical record in July; as the world's third-largest oil importer and consumer, India's crude oil imports from Russia in that month accounted for 50.83% of total imports, with a daily import volume of 2.47 million barrels. According to the data, India's imports of Russian crude oil increased 62.4% year on year in July, but fell 4.8% from the record high of 2.6 million b/d in June. In January of this year, as India is negotiating a trade agreement with the US, in order to avoid imposing tariffs imposed by the US, Indian refiners began to cut Russian crude oil purchases. However, the Iran conflict disrupted supply to the Middle East, forcing Indian refiners to continue to buy Russian crude oil. However, the US Senate passed a bill this month to levy 100% tariffs on buyers of Russian crude oil to increase pressure on Moscow's economy. India's procurement of Russian crude oil is facing uncertainty as a result. The US House of Representatives has yet to approve this bill.