Russian crude ban to have limited impact on India

NEW DELHI: The immediate ban on Russian oil and other energy imports by the US is going to create a supply crunch as Russia exports 4-5 million barrels of oil per day, leading to a surge in crude oil prices globally. The ban, however, is not going to directly impact Indian supplies as it imports only 2% oil from Russia, but the rising oil price is a big concern for India as it imports 85% of its oil demand.