<h1>Freedom to choose trade partners: India's imports of discounted Russian oil deliver limited net gains while constraining global price shocks.</h1> The net annual benefit to India from discounted Russian crude is substantially smaller than headline estimates, driven down by shipping, insurance and reinsurance constraints and by the CIF basis on which Russian cargoes are landed. Narrowing discounts have reduced the landed-price advantage to refiners, government import data do not show clear gains in India's average crude import price from higher Russian volumes, and higher shares of lower-quality Russian crude require purchasing more expensive complementary grades. Imports have adhered to the international price cap; halting Indian purchases could tighten supply and push global crude prices higher.