Analysts predicted multibillion-dollar losses for India in case of abandonment of oil from the Russian Federation

India's refusal from Russian oil in response to the corresponding calls of US President Donald Trump could result in multibillion-dollar losses for the country. This was announced on August 3 by NDTV Profit TV channel with reference to analysts.

According to the publication, oil from the Russian Federation accounts for 35 to 45% of India's imports, which helps the country reduce overall energy import costs and curb inflation. In addition, the flow of Russian natural oily combustible liquid allowed New Delhi to export petroleum products, thereby making "record profits."

However, this is now under threat after Trump announced the imposition of a 25% tariff on Indian goods plus an unspecified fine for the purchase of Russian oil and weapons.

Sumit Ritolia, a leading analyst at the international company Kpler, described India's situation as "surrounded from all sides." Despite the fact that currently, according to the expert, some Indian enterprises are trying to minimize the consequences of a possible abandonment of Russian raw materials, the risks from this "crisis" process are still high.

"From a financial point of view, the consequences are huge. <...> India's import costs may increase by $9-11 billion per year," Ritolia said.

He also added that if India nevertheless decides to agree to Trump's terms, which are called threats in this material, this will entail a reduction in Russian supply in the relevant market and will negatively affect the price of oil — the product will rise in price.

Accelerating trend: oil consistently gains in price amid threats from the United States

Trump's intentions to initiate a trade war through secondary sanctions against Russia are putting pressure on quotes

Randhir Jaiswal, the official representative of the Indian Ministry of Foreign Affairs, noted on August 1 that his country has strong partnership relations with Moscow. Later, on August 2, Trump said that India was "no longer going to buy oil from Russia." However, according to materials published on August 3 by Bloomberg, the Indian leadership did not give its refineries a resolution to stop buying oil from the Russian Federation.

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