Just weeks after announcing sanctions on Russian oil companies Rosneft and Lukoil on October 22, the US on Friday (November 7) surprisingly announced a one-year exemption for Hungary after the European country committed to purchasing US liquefied natural gas (LNG) worth approximately $600 million and nuclear fuel worth $114 million.

Notably, following his high-stakes talks with Chinese President Xi Jinping on October 30, US President Donald Trump had said that the issue of Russian oil did not come up for discussion, even though China is the largest purchaser of Russian oil. The country has also successfully set up a domestic payment mechanism, future-proofing itself against sanctions.

In sharp contrast, India is not only witnessing a steep decline in exports to the US due to high tarif

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