Economic analysts predicted this week that the money India saved by importing huge amounts of discounted Russian oil will be more than wiped out by President Donald Trump’s punitive tariff increase, which took effect Wednesday.
Reuters quoted an analysis from the New Delhi-based Global Trade Research Initiative (GTRI) that found India saved at least $17 billion by purchasing discounted Russian oil after the invasion of Ukraine began in 2022.
“India needs Russia for defence equipment for several more years, cheap oil when available, geopolitical support in the continental space and political backing on sensitive matters. That makes Russia an…
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