Source: BBC News [UK state media]
“For four years, India, one of the world’s biggest oil importers, has turned Russia’s war-driven disruption of global oil markets to its advantage. Russian crude, displaced from western markets after the invasion of Ukraine, has flowed instead to Indian refineries, often at attractive discounts. The arrangement has lowered the cost of one of India’s biggest imports and given its refiners an abundant source of crude. Now that bargain is becoming a source of geopolitical risk. The US House of Representatives on Wednesday passed legislation giving President Donald Trump broad powers to impose sanctions on Russia and tariffs of up to 100% on [Americans who buy goods from] countries that buy Russian oil and gas. It will now go to Trump to be signed into law. [Americans who buy goods from] India and China are among those most exposed because both are major buyers of Russian oil.” (09/17/26)