India’s crude oil import bill could increase by USD 9 billion this financial year and USD 12 billion in the next, if the country stops buying Russian crude oil amid Washington’s latest action against New Delhi over the purchases.
A report published by the State Bank of India (SBI) also said India can consider buying oil from Iraq – its top supplier before the Ukraine war – followed by Saudi Arabia and the UAE in the event of cutting off the Russian supplies.
The findings come amid escalating tensions between India and US over the latter’s decision to slap an additional 25 percent duty and subsequently doubling it to 50 percent on Indian goods over New Delhi’s continuous imports of Russian oil. With this action singling out New Delhi for the Russian oil imports, India will attract the highest US tariff of 50 percent along with Brazil.