India’s oil imports from Russia snared by Trump order, tariff threat

AI Summary
A recent executive order from US President Trump threatens to significantly reduce India's oil imports from Russia. The order, detailing a trade deal between the US and India, states that India has committed to cease importing Russian oil, directly or indirectly, or face increased tariffs on all Indian goods. Most Indian refiners, excluding Nayara Energy Ltd, had already paused spot cargo purchases following initial mentions of the deal. This pause is now expected to extend, potentially halving Russian oil imports from January's average of 1.2 million barrels per day. While India confirmed the trade deal, it hasn't commented on the oil import details. India's foreign ministry stated that its energy security is a priority and it will continue to diversify imports.
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