Indiaâs Russian Crude Bill Hits Record $6.4 Billion in October as Freight Costs Surge
India paid a record $6.4 billion for Russian crude oil imports in October, reflecting both higher volumes and a sharp rise in shipping and insurance costs after the closure of the Strait of Hormuz disrupted regional energy routes. The surge underscores how geopolitical risk is feeding directly into Indiaâs import bill, even as refiners continue to rely heavily on discounted Russian barrels to manage energy costs.
