For four years, India, one of the world's biggest oil importers, has turned Russia's war-driven disruption of global oil markets to its advantage. Russian crude, displaced from western markets after the invasion of Ukraine, has flowed instead to Indian refineries, often at attractive discounts. The arrangement has lowered the cost of one of India's biggest imports and given its refiners an abundant source of crude. The US House of Representatives on Wednesday passed legislation giving President Donald Trump broad powers to impose sanctions on Russia and tariffs of up to 100% on countries that buy Russian oil and gas. It will now go to Trump to be signed into law.
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