Russia’s Vital Oil Trade With India Is Down, But Not Out

India’s imports of Russian crude are expected to plunge to a near four-year low early next year, after months of US pressure. As workarounds emerge and the Kremlin cranks up its own charm offensive, however, the question is how long that drop will last. India has until now been one of the great beneficiaries of restrictions on Russia’s crude industry, becoming the biggest buyer of seaborne Russian crude as curbs resulted in deep price discounts. It took a near-record 2.1 million barrels a day in June, or roughly 45% of its total imports. By contrast, oil cargoes arriving in India…