India faces a potential $9-12 billion increase in crude oil import expenses if it halts Russian oil purchases due to potential tariffs. While India has diversified its oil sources, Russian oil accounts for a significant portion of its imports. Trump’s tariffs aim to pressure Russia over the Ukraine war, creating a complex situation for India’s energy security and trade relations. India faces a potential $9-12 billion increase in crude oil import expenses if it halts Russian oil purchases due to potential tariffs. While India has diversified its oil sources, Russian oil accounts for a significant portion of its imports. Trump’s tariffs aim to pressure Russia over the Ukraine war, creating a complex situation for India’s energy security and trade relations.
