India’s oil refineries have been hard hit by their economic vulnerability on oil prices due to the weakening of the Rupee against the USD, used in oil imports (1). Governmental measures have been taken to manage the resulting currency risks by improving ties to the top oil exporters, despite the US’s persistent attempts to cut off Iran and Russia from global trade (2).
India has been the largest importer of Russia’s defense industry, and therefore already diversified from US influence, in particular with the recent purchase of the Russian S-400 air defense system (3), and plans to strengthen bilateral trade and investments (4).
Indian refiners plan to reduce oil imports in the face of rising Brent, falling rupee
"We are independent": India opposes US pressure and buys Russian air defense system S-400
Indien plant Einrichtung einer Sonderwirtschaftszone für russische Unternehmen