US sanctions on Russia could hit India harder than tariffs
India might be facing some tough times ahead if the US ramps up sanctions on Russia.
Mark Matthews from Bank Julius Baer points out that these new sanctions could actually hit India harder than any US tariffs we've seen so far.
With President Trump reportedly frustrated over Ukraine, there's talk of even stricter rules that could mess with India's trade ties to Russia.
India imports a lot of Russian oil
India relies a lot on Russian imports—especially oil. In June 2023 alone, India bought 38% of all Russian crude oil exports, worth €4.5 billion.
The US is now threatening 100% tariffs for countries trading with Russia, which puts India's energy and defense supplies at risk.
Plus, since India's exports to the US make up only about 1% of its GDP, losing access to Russian goods could sting more than any lost sales to America.