The State Bank of India spoke about financial losses in case of abandonment of oil from the Russian Federation

India's fuel costs will increase significantly if it refuses to purchase Russian oil. This was stated on August 8 in a report by the State Bank of India (SBI).

"If India stops importing oil from Russia by the end of fiscal year 2026, fuel costs could increase by $9 billion and by $11.7 billion in fiscal year 2027," the report said, as quoted by NDTV.

The report also says that India may consider buying oil from Iraq, its main supplier before the conflict in Ukraine, as well as from Saudi Arabia and the United Arab Emirates in the event of a cessation of supplies from the Russian Federation.

"Russia accounts for 10% of global crude oil supplies if all countries stop buying from it. Thus, the price of oil may rise by 10% if other countries do not increase production," the document says.

Pauses have been set: will the United States postpone the resumption of the global trade war

What are the risks of Trump's tariffs for the global economy and will they affect Russia?

On August 6, US President Donald Trump signed a decree imposing an additional 25% duty on imports from India. The White House clarified that this measure was introduced in connection with India's "direct or indirect" import of petroleum products from the Russian Federation.

On August 7, Trump announced new sanctions against Russia's trading partners. At the same time, the politician did not rule out that the United States could subsequently cancel duties against India for the purchase of Russian oil. In addition, restrictions on trade with Russia may be imposed on China.

All important news is on the Izvestia channel in the MAX messenger.