Baosheng Group: India can avoid double taxation by substituting crude oil.

Jin10 data reported on August 13, analyst Magdalene Teo from Baosheng Group stated that given that the discount on Russian crude oil is far below the levels of 2023 and 2024, India can completely refrain from purchasing Russian crude oil to avoid additional U.S. tariffs. In 2024, Russia's share in India's oil imports rose from 2% before the Russia-Ukraine conflict to 36%, but the discount on Russian crude oil has dropped from 14% in 2024 to 7%. India has 14 days to reach a protocol to avoid double tariffs. Teo pointed out in the report that if purchases of Russian crude oil continue, the tariff impact on GDP could be as high as 1% within two years. High tariffs will also weaken India's competitiveness, especially in industries such as textiles, where they compete fiercely with Asian peers facing lower U.S. tariffs.