News > Prolonged Ukraine crisis, high crude prices may push India's import bill up by 15 pc

Prolonged Ukraine crisis, high crude prices may push India's import bill up by 15 pc

It is a crude shock with many implications for the world and India. The surge in Brent oil to USD 105 a barrel for the first time since 2014 driven by the escalation of the Ukraine crisis has triggered fears of a disruption to the region's critical energy exports with consequences for India.

The genesis of the crisis is Russia's status as the world's second-largest oil producer.