US tariffs on Russian oil imports halt Indian refiners' purchases
Indian oil companies are in a bit of a holding pattern after the US slapped a 25% tariff on Indian goods because of India's ongoing oil trade with Russia.
Private players like Reliance are still buying Russian oil, but state-run refiners have paused until the government gives them a clear direction.
With more than a third of India's oil coming from Russia lately, this decision could really shake things up.
India is looking to pivot to other oil suppliers
With these new tariffs kicking in soon, India is eyeing other places—like the Middle East, Africa, and the Americas—for its oil needs in case Russian imports get restricted.
Saudi Arabia has already bumped up prices expecting more demand from India.
Meanwhile, former US President Trump claims that buying Russian oil helps fund Moscow's war efforts, adding even more pressure to rethink where India gets its energy.