India's choice: Russian oil or US tariffs

Indian Prime Minister Narendra Modi faces a policy dilemma regarding energy as US pressures mount to halt India's purchase of Russian oil. A new US law proposes tariffs of up to 100% on countries that import large quantities of Russian oil and gas, putting India at a crossroads: either reduce its Russian oil imports to avoid the tariffs, which could drive up fuel prices and impact public finances, or continue importing while bearing the hefty US levies—potentially affecting India's exports to the United States. Despite the tensions, India aims to strike trade agreements with other nations and make progress during Modi's upcoming visit to Washington. However, US tariffs may hinder these negotiations and increase domestic political pressures, especially as several Indian states prepare for upcoming elections. India’s imports of Russian oil, which account for over 40% of its consumption, are deemed essential for energy security. The government emphasizes that these imports help stabilize global prices and meet domestic demand, despite criticisms and warnings that US tariffs could negatively impact the economy and internal politics.

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