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US tariff threatens India's Russian oil imports
The US is planning a huge 500% tariff on countries buying Russian oil, aiming to pressure Russia over Ukraine.
For India, this is a big deal—over a third of its crude oil comes from Russia at discounted rates.
If these tariffs kick in, experts warn India's oil import costs could jump by $3-6 per barrel, making things more expensive across the board.
Indian refiners are already looking at alternatives
Indian refiners are already looking at alternatives like US and Brazilian crude—imports from those countries have shot up this year.
But Russian oil is still $3-8 cheaper per barrel than other options.
Switching sources could squeeze refiner profits and likely push up fuel prices for everyone unless better deals can be worked out.