India to Lose Double the Amount from Trump Tariffs Than It Saves from Buying Discounted Russian Oil

U.S. President Donald Trump's import tariffs on India could end up costing the country significantly more in less than a year than it has saved during the ongoing war in Ukraine by purchasing Russian oil at a discount. This was reported by Reuters.

Prior to the war in Ukraine, India purchased almost no oil from Russia, accounting for less than 1% of its imports. However, after western countries imposed sanctions and price caps on Russian oil, it started to be sold at a discount of about 7% compared to major global benchmarks like Brent. As a result, India has reportedly saved around $17 billion over 3.5 years, according to analysts cited by Reuters.