India’s crude import mix saw Russian Urals share fall to 45% of total volume in August 2026, after a 50% share in July.
Since the Ukraine war, Russia became a key supplier as Western buyers pulled back, bringing in 2.1 million barrels per day of Urals to Indian ports.
Industry estimates credit roughly $12 billion in cost savings to India from 2022‑25, with a yearly drop from $4.9 billion in FY 23 to $840 million in the first quarter of FY 25.
The discount between Russian Urals and Brent has narrowed from over $10 a barrel in early July to $1‑2 a barrel by late July 2026, shrinking the landed‑price advantage.
Amid President Trump’s threat to impose new oil tariffs, Indian refiners and policymakers are reviewing the economic viability of continued Russian imports, weighing the risk of duty‑induced price spikes.