New Delhi, Jan. 5 -- As the United States intensifies pressure on countries purchasing Russian oil, India is being pushed towards a decisive policy shift, with continued ambiguity likely to result in higher trade costs, according to a report by the Global Trade Research Initiative (GTRI).
The report said India is entering a "critical decision phase" as the threat of increased US tariffs sharpens. While New Delhi has not officially announced a halt to Russian oil imports, recent developments suggest growing constraints on its energy trade choices.
Notably, following the US sanctions imposed in October on Russian energy giants Rosneft and Lukoil, major Indian refiners, including Reliance Industries and several state-owned firms, announced a...