First came the tariffs in August—50% duties on Indian goods, dressed up as punishment for buying Russian oil. Caught between an old ally in Moscow and mounting pressure from Washington, India’s energy policy has become a delicate balancing act. But just how critical is Russian oil to the Indian economy? [In 2024], India, the world’s third-largest oil importer, bought $52.7bn of Russian crude—37% of its oil bill—followed by Iraq, Saudi Arabia, the UAE, Nigeria, and the US. Des