U.S. Penalty Risk on Russian Oil May Add $9-11 Billion to India's Import Bill, Analyst Say

U.S. penalty risk on Russian oil may add $9-11 billion to India's import bill, analyst say

India faces a $9-11 billion rise in oil import bill if forced to stop Russian crude, impacting economy.

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

Russian oil, which previously accounted for less than 0.2% of India's imports, now makes up 35-40% of the country's crude intake, helping to reduce overall energy import costs, keep retail fuel prices in check, and contain inflation.

US penalty risk on Russian oil may add USD 11 billion to Indias import bill - The Tribune

India 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.

US Penalty Risk On Russian Oil Could Add $9–11 Billion To India’s Import Billw

India has significantly benefited from a strategic shift to discounted Russian crude following the Western sanctions on Moscow after its invasion of Ukraine in early 2022.

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

NEW DELHI, Aug 3: India’s annual oil import bill could rise by USD 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 in…

US Sanctions Force Vessels With Russian Oil to Divert From India, Sources Say - Energy News, Top Headlines, Commentaries, Features & Events

(Reuters) – At least two vessels loaded with Russian oil bound for refiners in India have diverted to other destinations following new U.S. sanctions, trade sources said, and LSEG trade flows showed. The U.S. Treasury Department this week imposed sanctions on more than 115 Iran-linked individuals, entities, and ships, some of which are involved in transporting ...