A recent report by the State Bank of India (SBI) warns that India’s oil import bill could face a sharp rise if the country stops purchasing crude oil from Russia. The report estimates that halting Russian oil imports for the remainder of the financial year 2025-26 would push India’s fuel bill up by approximately USD 9 billion in FY26 and surge further to nearly USD 11.7 billion in FY27.
SBI explained that the increased costs are mainly due to the higher global crude prices India would have to pay if it sources oil from alternative suppliers instead of Russia. The report states, “If India stopped oil imports from Russia during the rest of FY26, then India’s fuel bill might increase by only USD 9 billion,” highlighting the significant economic impact such a move would entail.
