US-Venezuela Turmoil: Minimal Impact on Indian Economy, Says GTRI

• GTRI assesses US-Venezuela conflict will have minimal impact on India's economy and energy security.
• India was a major Venezuelan crude oil buyer until 2019, when US sanctions halted imports.
• Bilateral trade significantly declined; India limited business to avoid secondary sanctions.
• Current India-Venezuela trade is very limited: FY25 imports $364.5M (crude $255.3M), exports $95.3M (pharma $41.4M).
• GTRI advises India to safeguard strategic autonomy and ensure energy access without geopolitical pressure.

Why It Matters: India's economy is largely insulated from the US-Venezuela conflict due to past sanctions and limited trade.