India's Russian crude imports hit record for second straight month

In July, India bought more oil from Russia than it ever had before, setting a new record for the second month in a row.

Indian companies bought about 2.8 million barrels of Russian oil every single day that month.

The oil cost about 5.5 billion euros, which is a huge amount of money.

Russia sells its oil at a discount because many Western countries stopped buying it after Russia invaded Ukraine in 2022.

That makes Russian oil very attractive to Indian refineries, which turn raw oil into fuel like petrol and diesel.

More than half of all the crude oil India brings into the country now comes from Russia.

The new record was helped by smaller ports such as HMEL Mundra and Mumbai, which received much more oil than before.

Some fuel made from Russian oil in India is sold to countries that have banned Russian oil, and regulators have taken notice.

The United States has also threatened to put extra taxes, called tariffs, on countries that keep buying Russian oil.

So buying cheap Russian oil saves India money, but it also creates risks with other countries.