India's Oil Shift: Russian Crude Takes Center Stage
India's shift towards Russian oil post-Ukraine war has led to a significant increase in imports, now making up nearly 40% of its crude imports. This pivot has raised international scrutiny, especially from the US, which announced a 25% tariff penalty on Indian goods. India's strategy balances economic needs amid geopolitical tensions.
India's reliance on Russian oil has climbed sharply, now accounting for up to 40% of its crude imports, drawing global attention. Historically importing mostly from the Middle East, India's shift came after Russia's February 2022 Ukraine invasion made discounted Russian oil available.
Former US President Donald Trump announced a 25% tariff and penalty on Indian goods in response, given India's high energy imports from Russia. Despite Western sanctions, India has maintained a neutral stance on the conflict.
The interplay between global energy politics and economic interests has placed India in a unique position. By capitalizing on cheaper Russian oil, India not only supports its own economy but also influences global oil markets.
(With inputs from agencies.)
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