How The Price Cap On Russian Oil Could Cripple India’s Crude Imports

India would be one of the countries most exposed if Russia refuses to sell crude oil at the capped price under proposed sanctions to be imposed by the United States and the European Union.  In 2021, India was the world’s third-largest crude importer (214 million tonnes) after China (526 million tonnes) and the United States (305 million tonnes) (“Statistical review of world energy”, BP, 2022).

India and China rely on imports by tanker from the Middle East, Russia and other regions, in contrast to the United States, which…