Banerjee suggested India could also revisit curbs on Chinese investment as part of wider trade negotiations, noting Beijing’s need to manage its own relations with the US.

India should consider whether the cheap oil imports from Russia are 'worth it' after the Trump administration announced an additional 25 per cent tariff on Indian goods, Nobel laureate Abhijit Banerjee has said.

Indian refiners could technically operate without Russian crude, but doing so would trigger billions in additional import costs, erode refining margins, and disrupt distillate-heavy output, analysts warn.