India unfazed by Trump's secondary sanctions threat
India just hit a record for Russian crude oil imports in June, despite former US President Donald Trump warning of possible sanctions on countries buying Russian oil.
Union Minister Hardeep Singh Puri brushed off any pressure, saying, "we will buy oil from wherever we have to."
Russian oil made up about 40% of India's total crude
Russian oil made up about 40% of India's total crude imports last month—up from less than 1% before 2022.
That's an 8% jump from May, even though India's overall crude imports actually dropped by 6%.
Russia has now overtaken everyone else as India's top supplier.
Reliance, Nayara still confident about getting Russian supplies
Over half of this Russian oil went through three private refineries (run by Reliance and Nayara Energy) that also export fuel to G7+ countries.
Even with the threat of US sanctions, these refiners are still confident about getting Russian supplies—though they expect discounts might shrink.
Iraq, Saudi Arabia, UAE still important sources for India
Iraq, Saudi Arabia, and the UAE are still important sources for India but lag far behind Russia now.
With over 85% of its oil coming from abroad, India is also looking to diversify further—especially eyeing more imports from the US soon.