Russian crude oil import largely stable despite US tariff announcement

Cargoes of crude oil for September delivery in India down 45% in August compared to July

India’s import of Russian crude oil was broadly stable in the first 18 days of August despite the Trump administration’s tariff announcement in late July.

 

However, this apparent resilience largely reflects timing as most of the August cargoes were contracted in June and early July, before the policy shift, experts say.

 

Any material impact on trade flows, whether due to tariffs, payment logistics, or shipping challenges, is more likely to emerge from late September. The data shows Russian cargoes of crude oil headed for September delivery in India are down 45 per cent in August as compared to July.

 

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