India's Abandonment of Russian Oil Would Suffer Billions in Losses!
RIA Novosti article published on August 4.
If India refuses Russian oil, its oil import expenditures could increase by more than $9 billion to $11 billion.
Currently, India imports about 1.8 million barrels per day of Russian oil at a discount of approximately $5 per barrel.
US President Donald Trump previously announced new sanctions against India, partly due to India's trade ties with Russia.
Kpler report states: "The financial consequences are significant. If India loses a $5 per barrel discount on 1.8 million barrels per day, its annual import costs could increase by $9 billion to $11 billion."
Analysts also emphasized that if global oil prices rise further due to reduced Russian supply, the costs could be even higher.
Trump specifically explained that New Delhi has purchased military equipment and energy from Russia. In addition to a 25% US tariff, India also faces the threat of being "fined" for "cooperating with Russia."
Later, Reuters reported that four Indian state-owned companies have stopped purchasing Russian oil. Previously, the US issued threats - two tankers carrying Russian oil changed their routes from India to China and Egypt.
Trump later said he had heard of India's decision to stop purchasing Russian oil, but was unsure of its authenticity.
On August 2, ANI agency cited sources reporting that Indian refineries continue to purchase raw materials from Russia.
Original: https://www.toutiao.com/article/1839471673374732/
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