India's Russian Oil Imports Plummet: US Pressure, Sanctions Threat Drive Prices Up

• India's crude oil purchases from Russia are set to decrease further in January, following a 3-year low in December.
• Intense US pressure, including a 50% tariff and potential new sanctions, is making Russian oil risky for India.
• Many Russian oil tankers are currently stranded at sea due to a lack of buyers, a situation known as "stranded cargo."
• India is now forced to buy more expensive oil from countries like Saudi Arabia, UAE, West Africa, and Latin America.
• This shift could lead to increased petrol and diesel prices, higher inflation due to rising transport costs, and a greater burden on the Indian government.

Why It Matters: US pressure and sanctions threats are forcing India to reduce Russian oil imports, leading to higher costs.