OREANDA-NEWS  India has saved at least $17 billion by actively importing Russian oil after the outbreak of the conflict in Ukraine, but punitive duties imposed by the United States will quickly negate these benefits. This was reported by the Reuters news agency.

According to calculations conducted by the Global Trade Research Initiative analytical center, 50 percent US duties on Indian goods are fraught with a reduction in exports of this South Asian country by more than 40 percent, or almost $ 37 billion, in April-March of this fiscal year alone.

The publication stressed that the effects of tariff pressure will be long-term and could be politically devastating for Indian Prime Minister Narendra Modi. Thousands of jobs in the textile industry, the production of precious stones and jewelry will be at risk. This means that in the coming weeks, New Delhi may reconsider its long-standing partnership with Russia.

However, Jacob Happimon, founder of the Delhi Council for Strategic and Defense Studies, is confident that India needs Russia for at least several more years in connection with the supply of military equipment and cheap oil, as well as for the sake of geopolitical support on the continent in sensitive issues.

"This makes Russia an invaluable partner for India," said Happimon.

At the same time, he urged not to forget that no matter what disagreements overshadow relations between Washington and New Delhi, the United States remains India's most important strategic partner.

Meanwhile, Russian oil now accounts for almost 40 percent of India's total oil purchases. The immediate cessation of these imports would not only be a signal of capitulation under pressure, but would also prove economically impractical. Global oil prices could more than triple, reaching about $200 per barrel, if India, the world's third largest consumer and importer of oil, stops buying it from Russia.

As you know, 50% duties on Indian goods came into force on Wednesday, August 27, at 07:00 Moscow time.