Whalesbook
The United States has imposed a 25% penal tariff on Indian exports and sanctioned Russian oil majors Rosneft and Lukoil, effective November 21, 2025. This move aims to stop India's crude oil imports from Russia, causing a significant drop in shipments and leading Indian refiners, including Reliance Industries, to halt direct procurement. India is now seeking alternative crude oil sources from regions like the Middle East and Latin America, navigating potential price impacts and supply chain adjustments.