Russian Oil Import: According to SBI report, India’s oil bill can increase by $ 12 billion on stopping Russian oil imports. The US has warned to impose 50% tariffs, which will have a major impact on agriculture and pharma sectors.
Crude oil price impact: Tension has increased between America and India over Russian Crude Oil. According to the latest report by the State Bank of India (SBI), if India stops buying Russian oil, the import bill of crude oil in the current financial year (FY26) may increase by $ 9 billion and $ 12 billion in the next financial year (FY27).
The report said that in such a situation India may return to its old suppliers Iraq (IRAQ), Saudi Arabia and UAE. However, this will increase the pressure on prices as Russia holds 10% of the global oil supply and the international prices may increase by 10% if their exports decrease.