Big Take India Won’t Stop Buying Russian Oil. Now It’s Paying the Price.
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Aug 5, 2025 In this engaging discussion, Sudhi Ranjan Sen, a seasoned Bloomberg reporter with nearly 30 years of experience in Indian politics, dissects India's complex reliance on Russian oil amid rising U.S. tariffs. He explores the historical ties binding India and Russia, highlighting the geopolitical challenges faced as India navigates U.S. pressure. Sen also reveals how these tensions could affect India's economy and Prime Minister Modi's political standing, showcasing the delicate balancing act India must perform in the current global landscape.
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India's Market-Driven Russian Oil Purchase
- India buys about 1.7 million barrels per day of discounted Russian oil due to market-driven decisions.
- The ties date back to the Cold War and Russia's support in 1971, sealing a long-term strategic relationship.
Economic Pressure Drives India's Oil Choice
- India believes stopping Russian oil imports would spike global crude prices unsustainably.
- This economic pressure drives India’s continued purchase of discounted Russian oil despite international sanctions.
U.S. Tariffs Threaten India's Economy
- The 25% tariffs imposed by the U.S. on Indian goods risk negatively impacting India's export sectors.
- Prime Minister Modi is encouraging local consumption to protect India’s economy from tariff-related setbacks.