Indian imports bill could rise by $14 billion after stopping Russian oil imports

Indian imports bill could rise by $14 billion after stopping Russian oil imports

If India were to stop buying Russian crude oil, Indian imports bill could rise by up to $14 billion as a result of expensive imports from elsewhere. But the true impact on India —and Western nations as well— could be larger as India’s purchase of Russian oil has kept international prices low so far.

Fuga Bluemarine crude oil tanker lies at anchor near the terminal Kozmino in Nakhodka Bay near the port city of Nakhodka, Russia.