India to Limit Russian Oil Imports, Tariffs Cut After US Deal; Nayara Energy Gets Exemption

• India will reduce crude oil imports from Russia following an agreement with the US, leading to a reduction in trade tariffs.
• US President Donald Trump announced a tariff cut from 25% to 18% as part of a comprehensive bilateral agreement.
• The deal requires India to stop purchasing Russian oil, reduce tariffs against the US, and buy $500 billion worth of American goods.
• Nayara Energy, due to its unique situation and Russian ties, may be exempted and continue importing Russian oil from non-sanctioned entities.
• Other Indian refineries like IOC and BPCL will gradually reduce Russian oil purchases, while HPCL, MRPL, and HMEL had already stopped.

Why It Matters: India will limit Russian oil imports and see tariff reductions after a US deal, with Nayara Energy as an exception.