It may be the right time to take out the old crystal ball and gaze at the uncertainties surrounding us. Perhaps it is time to ask the ‘what if’ questions and carefully list the known unknowns.One could justifiably put the question of Russian oil at the top of this list. US senator and principal Russia-baiter Lindsey Graham’s warned, “If you keep buying cheap Russian oil to allow this war to continue, we’re going to tear up the hell out of you, and we’re going to crush your economy." This might be a trifle exaggerated; however, India and other buyers of Russian oil need to be prepared for higher, perhaps significantly higher, prices in future. EU sanctions on Russia have already bitten the Indo-Russian refiner Nayara Energy. Punitive tariffs by the US are likely to make Russian oil a lot dearer.
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