India’s exposure to Russian oil disruption limited to $5 billion; global economy faces major risk: Report

A Bank of Baroda report indicates India's limited exposure to Russian oil export disruptions, estimating an additional $5 billion in annual import expenditure. While India has significantly increased its reliance on Russian oil since 2021-22, a full embargo could severely impact the global economy by potentially driving prices above $80 per barrel. India's import costs remain manageable.