The US has imposed sanctions on Russian oil giants Rosneft and Lukoil, raising the risk of secondary sanctions on countries and companies that continue to trade with them. India, a major importer of Russian crude, faces challenges as its refiners rely on US dollars, global financial systems, and insurance services for oil transactions. While there are no direct sanctions on Russian oil, the threat has prompted India to reconsider imports, diversify energy sources, strengthen domestic production, and expand renewable energy. The government and refiners are exploring risk mitigation strategies to maintain energy security while balancing economic and diplomatic interests.
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US-Russia tensions impact India with new US tariffs on Indian imports, a direct response to its Russian oil purchases. India, defending its energy security, faces pressure on strategic autonomy. It responds by diversifying defense, boosting indigenous production, and strengthening global economic partnerships to maintain independence.
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