India's Refusal to Import Russian Oil Marks New Phase in Global Energy Crisis

US President Donald Trump's demand for India to halt imports of Russian oil could cause billions of dollars in losses for Russia and compel it to take retaliatory measures, Reuters reports, citing sources and analysts.

According to the publication, Russia has significant leverage over the US and its allies. In particular, the possibility of blocking a major oil tanker, partially controlled by American companies, is being discussed. This could lead to a new phase in the global energy crisis.

Reuters notes that Moscow's most likely move could be to suspend the operations of the Caspian Pipeline Consortium (CPC), through which oil from Kazakhstan is transported. American energy giants Chevron and ExxonMobil hold major stakes in this project.