Published on, Aug. 27 -- August 27, 2025 4:12 PM

India saved billions by increasing imports of discounted Russian oil since the Ukraine war began. However, new US tariffs that started on Wednesday could quickly erase these savings. Analysts say India saved at least $17 billion but now faces major export losses due to these punitive tariffs.

The tariffs, imposed by US President Donald Trump, can reduce India's exports by over 40%, or nearly $37 billion this fiscal year. The impact threatens jobs in sectors like textiles, gems, and jewelry. Experts warn the situation could harm Prime Minister Narendra Modi politically, especially ahead of key elections.

India is caught between its long-term partnership with Russia and its strategic ties ...