GENERAL17 Sept 2026
As U.S. readies 100% tariffs, Russia provided more than half of India’s oil imports in July
Russia supplied more than 51% of India's oil imports in July 2026, a record high. On September 16, the U.S. House passed a Bill that could put 100% tariffs on the top five buyers of Russian oil. India's July bill for Russian crude doubled to $7.3 billion. If you import or trade in affected goods, watch the Bill's progress and check your duty exposure.
Key Statutory Highlights
- Russia accounted for more than 51% of India's oil imports in July 2026, an all-time-high share, up from just under 50% the previous month.
- The U.S. House of Representatives passed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 on September 16, which seeks tariffs of up to 100% on the top five countries buying Russian oil.
- India imported 110.4 lakh tonnes of oil from Russia in July 2026, and the import bill stood at $7.3 billion, more than double the $3.6 billion spent in July last year.
Actionable Advice for Taxpayers / Founders:Track whether this Bill becomes law, and discuss your import contracts and duty exposure with your customs advisor before assuming any new tariff applies.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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