India has not issued directives to its refiners to halt the purchase of Russian oil, as officials navigate the balance between energy needs and maintaining diplomatic relations with Moscow amidst U.S. pressure. Currently, Russian crude constitutes 35-40% of India’s oil imports, significantly aiding the economy by providing discounted prices and keeping inflation in check. Analysts warn that U.S. penalties could increase India’s oil import bill by $9-11 billion, complicating the situation further as Indian refiners face dual pressures from U.S. tariffs and upcoming EU sanctions. Major players like Reliance Industries and Nayara Energy are particularly vulnerable, given their reliance on Russian crude for refining and exports. Despite the geopolitical challenges, the Indian government seems committed to leveraging market forces and maintaining energy security while cautiously planning for potential shifts in sourcing, as exemplified by recent instructions to explore alternative oil supplies. This strategic maneuvering not only underscores India’s pragmatic approach to energy diplomacy but also highlights the complexities of navigating international sanctions while securing its energy needs and economic stability.