Indian oil refineries benefit from Trump decisions to curb prices
US President Donald Trump issued an exemption from sanctions and tariffs tied to Russian oil and gas exports on 16 October 2026, before measures under the Graham law were due to take effect. Indian refineries have benefited from discounted Russian crude, and India imported about 1.7 million barrels per day of Russian crude in the first half of last year. The exemption gives Indian refiners temporary relief from the tariff threat.
Why it matters: The exemption bears on energy security, because it temporarily shields Indian refiners from a trade-off between discounted Russian crude and punitive US tariffs.