India, Aug. 14 -- By Kaushal Verma

New Delhi [India], August 14 (ANI): A 50 per cent reduction in Russian oil purchases could increase India's annual oil import bill by USD 5-10 billion and push inflation higher, economist Santosh Mehrotra said, amid the US proposal to impose punitive tariffs on countries buying Russian crude.

Mehrotra said India's dependence on Russian oil, which he estimated at around 50 per cent of the country's oil imports, needs to be considered while assessing the economic impact of any reduction in purchases.

"It will depend on how we are able to negotiate with Trump," Mehrotra told ANI, adding that Russia also supplies crude to India at a discounted price compared with international prices.

He said a 50 per ce...