Why India bought record Russian oil in July despite looming US tariff warning

In July, more than one out of every two barrels of crude oil India imported came from Russia — the first time Moscow’s share has crossed the halfway mark. According to commodity analytics firm Kpler, India imported a record 2.78 million barrels per day (mbd) of Russian crude during the month, up 1.5% from June, against overall crude imports of 4.96 mbd. The UAE and Saudi Arabia remained the second and third-largest suppliers, but together supplied far less than Russia. The record, however, comes at a curious time. The US Senate has advanced legislation that could impose tariffs as high…