US Sanctions on Russian Oil Hit India, Impact Global Markets

U.S. President Donald Trump has intensified pressure on India by imposing sanctions on Russia's major oil producers, Rosneft and Lukoil, aiming to cut off funding for Moscow's war effort in Ukraine. These sanctions have disrupted global oil markets, causing prices to surge and complicating India's significant reliance on discounted Russian crude, which accounts for about 35 percent of its oil imports. India's government, including Commerce Minister Piyush Goyal, has expressed concerns over Western hypocrisy while navigating the diplomatic and economic fallout, with companies like Reliance Industries adjusting their import strategies to comply. The sanctions have sparked political debate within India, with opposition figures criticizing the government's response as a concession to U.S. pressure. Analysts note that Russia may seek to circumvent sanctions through indirect sales routes, while India's energy-dependent economy faces rising costs amid strained geopolitical relations. Prime Minister Narendra Modi's virtual attendance at the ASEAN summit is viewed by experts as a strategic maneuver amid these tensions and shifting trade dynamics.