India is unlikely to completely stop buying Russian oil, even though imports have already fallen sharply, according to former foreign secretary Kanwal Sibal. He said purchases may decline further. However, they are not expected to drop to zero. India can still buy spot cargoes from non-sanctioned companies if prices are attractive.

India’s share of Russian crude in its oil basket has reduced from around 45% earlier to about 20% in January. This reduction comes amid global sanctions and shifting trade dynamics. Sibal noted that future imports will largely depend on pricing. Additionally, it will depend on the sanctions landscape.

Commenting on broader trade talks, Sibal said India is unlikely to make major concessions in sensitive areas such as agriculture, dairy and fisheries. He added that any concessions offered so far have been limited.

He also said global trade agreements, including the India-US deal that lowered tariffs on Indian exports to 18%, are shaped by multiple factors such as business interests, strategic ties and parallel negotiations with other regions. Rather, they are shaped by more than tariffs alone.

Tradz by EquityPandit leverages advanced AI technology to provide you with powerful market predictions and actionable stock scans. Download the app today and 10x your trading & investing journey!