India, Russia and crude oil
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Sky-high US tariffs are prompting India and Brazil to explore opportunities to boost oil trade, as New Delhi looks for alternatives to Russian oil, while Brazil scouts for newer markets for its growing crude output,
On average, India imported about $130 billion in Russian oil per year since Moscow invaded Ukraine in February 2022.
India's crude oil imports from Brazil surged 75% year-on-year in H1 2025, reaching 72,000 b/d, as both nations seek deeper trade ties in response to US tariffs affecting Russian oil imports.
Beijing and New Delhi continue to defy U.S. sanctions on Russian crude, much of which is funneled through a growing fleet of untracked "ghost ships."