New Delhi, Aug. 8 -- India's crude oil import bill could increase by USD 9 billion to USD 12 billion, if the country stops buying Russian crude oil, according to a report by the State Bank of India (SBI).

The report noted that if India halted oil imports from Russia for the rest of FY26, the fuel bill might increase by USD 9 billion in FY26 and USD 11.7 billion in FY27 due to increase in prices.

SBI stated "if India stopped oil imports from Russia during the rest of FY26, then India's fuel bill might increase by only USD 9 billion".

Russia currently accounts for 10 per cent of the global crude supply. If all countries stopped buying from Russia, crude oil prices could rise by around 10 per cent, provided no other countries increase the...