Mint Explainer | Does India have a chance to escape the tariffs on Russian oil?

Will the law affect India?

Yes. In September, Russia accounted for 35% of India’s total crude oil imports. The share is lower than 56% in July because of lower availability and possible effect of the new law. As things stand India will qualify for the tariffs. Any tariff, 100% or lower, will make India’s exports to the US uncompetitive. The US accounts for 20% of India’s overall exports. With the chances of Russia ending the war and accepting a free and independent Ukraine being remote, India has three options— cut Russian oil imports, continue imports and brave the sanctions or convince the Trump for a possible waiver.