Modi’s Oil Dilemma: Russian Crude or US Tariffs?
Part of composite article US Signs Russia Sanctions Law, Puts 100% Tariffs on India and China View full article →
Indian Prime Minister Narendra Modi faces a difficult choice on energy policy.
If India cuts Russian oil imports, it could avoid new US tariffs. But fuel prices may rise before important regional elections, or government finances could come under strain.
If India keeps buying Russian oil, its exports to the United States—its largest market—could be badly hurt.
India is the world’s third-largest oil importer and one of the biggest buyers of Russian crude. On Thursday, it reacted unusually strongly to a US congressional bill that would allow…