Indian authorities are facing a difficult decision. On the one hand, ignoring US threats to ban purchases of Russian oil is not an option. On the other hand, such a move could deal a severe blow to the Indian economy. The country now finds itself caught between a rock and a hard place.

Kpler analysts estimate that India could suffer multibillion-dollar losses if it bows to pressure from Washington and halts crude imports from Russia.

Currently, Russian suppliers meet up to 40% of India's demand for crude oil. However, if New Delhi complies with US President Donald Trump's demand to stop buying Russian energy, India's bill for importing hydrocarbons could surge by $9-$11 billion. Analysts warn that further anti-Russian sanctions could trigger a sharp rise in global oil prices. According to Kpler, India could suffer staggering financial losses.

Earlier, Indian officials reaffirmed the country's commitment to purchasing Russian hydrocarbons, citing compliance with international legal norms. New Delhi claimed that these purchases "contributed positively to global energy stability."