Three years after the Ukraine war began, India has become one of Russia’s largest oil customers. From negligible imports before 2022, Russian crude now accounts for nearly a third of India’s oil basket delivering big savings for refiners and keeping fuel prices steady at home. But these benefits come with rising diplomatic costs, including pressure from Washington, the threat of higher tariffs, and accusations that India is profiteering by exporting refined Russian crude back to Western markets. Host Anirban Chowdhury is joined by energy markets expert Vandana Hari and Nandan Unnikrishnan, Head of Euraisan Studies, Observer Research Foundation. Together, they examine how much Indian refiners truly gain from Russian discounts, whether those margins are sustainable as sanctions tighten, what risks loom over India’s US trade ambitions, and how long New Delhi can balance its need for cheap energy with its strategic partnerships in the West.
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