India faces $9–11 billion oil bill spike: Pivot from Russian crude after Trump’s ‘penalty’ could hit margins, what analysts say
India’s energy economy is staring at a potential fiscal jolt, with estimates suggesting an additional $9 to $11 billion surge in oil import bills for FY26. The cause? A sharp drop in Russian crude oil supplies, driven by geopolitical tensions and reinforced by statements from former U.S. President Donald Trump suggesting “penalty tariffs or consequences”…