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US penalty risk on Russian oil may add $9-11 bn to India's import bill

Name: US penalty risk on Russian oil may add $9-11 bn to India's import bill
Uploaded: Sun, 03 Aug 2025 12:03:56 +0530
Channel: Rediff Video Desk

India's annual oil import bill could rise by $9-11 billion if the country is compelled to move away from Russian crude in response to US threats of additional tariffs or penalties on Indian exports, analysts said. India, the world's third-largest oil consumer and importer, has reaped significant benefits by swiftly substituting market-priced oil with discounted Russian crude following Western sanctions on Moscow after its invasion of Ukraine in February 2022.

Uploaded by: Rediff Video Desk on Sun, 03 Aug 2025 12:03:56 +0530

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