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>lets say india and china do cut trade with russia because of this
not sure about India because
a) the US will continue to exempt pharma in its own interest
b) precious stone exports and electronics and parts ... meh we can probably find other buyers for them.
the US is India's biggest destination of exports but having said that, it's 18%.
On the flip side, higher petrol prices would bite everyone across the country and we have a very important election in a very poor state coming up in December before which the government in power in the Centre typically unloads a lot of cash and promises a lot of freebies to win votes. And the only thing Modi does really really well is win elections.
Plus, not bowing to an external power's diktat is pretty socially important here, I feel.
But who knows. I don't trust Modi.