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Trump's 'Tremendous Sanctions' on Russia Set to Hit India's Oil Supply Hard

This special report focuses on the United States' new sanctions against Russian oil giants Rosneft and Lukoil, announced by President Donald Trump, and the significant potential fallout for India. When asked about the sanctions, Trump stated, 'Look, these are tremendous sanctions. These are very big. These are against their two big oil companies.' Effective November 21, the measures are sending shockwaves through the global energy market and forcing a major recalibration of India's energy imports, as the country sources about 36% of its crude oil from Russia. Indian public and private refiners, including IOC, BPCL, and Reliance Industries, are now urgently reviewing contracts to avoid penalties. The move could halt a trade that made India the largest buyer of Moscow's seaborne crude, threatening higher import bills, a wider current account deficit, and increased pressure on the rupee as the nation seeks alternate suppliers.