India’s shift from Russian crude may be offset by lower US tariffs: Nomura

India’s shift away from discounted Russian crude should be more than offset by gains from likely lower US tariffs, Nomura Holdings Inc. said Friday.US President Donald Trump has been repeatedly asking India to halt purchase of Russian oil, and economists Sonal Varma and Aurodeep Nandi say the shift could pave the way for a trade deal with Washington and a reduction in tariffs. “Any lowering of the tariff rate to below the ASEAN-average of 19%-20% would help restore India’s relative competitiveness in labor ...