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India could lose $12B annually if Russia halts oil exports
If Russia suddenly stops sending oil to India, the country might have to shell out an extra $9-12 billion for imports, according to a State Bank of India report.
With Russia making up about 35% of India's oil supply now—and global prices likely to jump if Russian exports halt—India's energy costs could really take a hit.
What is India doing to prepare?
To avoid getting caught off guard, India has started buying oil from 40 different countries, including Guyana and Brazil.
While Russia is still the biggest supplier right now, deals with Middle Eastern countries and this wider mix give India more flexibility if things get rocky with Russian crude.