It said the move gives India relief from threatened additional duties of up to 100% linked to Russian oil purchases
TBS Report
17 October, 2026, 12:50 pm
Last modified: 17 October, 2026, 12:53 pm
US President Donald Trump's waiver from sanctions, restrictions and tariffs under the Sanctioning Russia and Iran Act (SRIA) gives India temporary relief but offers no lasting certainty, a leading private economic think-tank said today.
It said the move gives India relief from threatened additional duties of up to 100% linked to Russian oil purchases.
"But the relief is reversible. Washington can restore the tariffs any time, leaving India and other buyers uncertain about future US action," the Global Trade Research Initiative (GTRI) said.
The New Delhi-based think-tank said India should safeguard its energy security and buy oil on commercial terms.
The GTRI said Russia's share of Indian oil imports fell from 51% in July to 44% in August as India bought more from the US, despite higher prices, and from the UAE.
However, Russia continues to be India's single largest oil supplier. Russian oil has played a major role in India's crude oil imports at this time, with volumes hitting record highs a few months ago.
In fact, Russia gradually became India's largest crude supplier after the start of the Russia-Ukraine war, when European sanctions prompted Russia to sell oil to India and China at deep discounts.
Last year, the Donald Trump administration imposed 25% penal tariffs on India for its crude oil purchases from Russia, taking the total tariff rate to 50%.
India did not stop buying crude from Russia, but imports began to decline after the US imposed sanctions on two Russian oil majors.
Indian refiners expect Russian crude supplies to become even tighter in October and November as exports decline and competition from China intensifies, according to media reports.
The shortfall is likely to push the world's third-largest crude importer towards more expensive alternatives for the remainder of the year.