India's crude oil import bill could increase by USD 9 billion this financial year and USD 12 billion in the next, if the country stops buying Russian crude oil amid Washington's latest action against New Delhi over the purchases.

India may face a $12 billion fuel bill spike if it halts Russian oil imports, SBI warns. Discounted crude helped Russia become India’s top supplier since FY25.

India, which gets more than a third of its oil imports from Russia, is likely to turn to supplies from the Middle East and Africa and other regions if it is forced to cut Russian imports due to possible U.