India
place
Involved in
- India depends on Gulf exports for more than 80% of its crude oil and a very high percentage of its fertilizer and feedstock, and was recently forced to pay nearly twice pre‑crisis prices for urea.
- China, India, Japan and South Korea absorb the vast majority of Hormuz crude flows
- Bangladesh, India and Pakistan collectively imported nearly two‑thirds of their LNG through the Strait of Hormuz
- About 84% of crude shipments through the Strait of Hormuz in 2024 were headed to Asian markets
- Both China and India operate outside the G7 price cap regime and avoid scrutiny via transshipment through hubs in Singapore, Malaysia, and Indonesia.
- Under the energy disruption scenario alone, Asian economies face the largest production losses, with South Korea potentially losing up to 11% of output, India around 8%, Japan around 7%, ASEAN economies up to 5%, while the euro area faces losses of around 3% and the United States is barely affected.
- India is the test case for the trap’s mechanism.
- At the start of the crisis, India asked China for assistance with fertilizer.
- Russia has begun importing gasoline by sea from India, Morocco and Turkey, while also increasing gasoline purchases from Belarus to record levels
- India aggressively purchased fertilizer and feedstock on the open market and provided it to farmers at subsidized prices, transferring the economic shock onto the government balance sheet.
- China and India remain the primary buyers of the Shadow Fleet’s cargo.
- As a result, India's current account is under pressure, its subsidy bill is ballooning, and the rupee is weakening.
Statements attributed to it
Nothing in the record is attributed to this entity as a speaker.
Origin: first recognised while reading The ECB Maps the Trap, Cracks Form and Bessent Slips Up · 2026-09-11 07:39