America is increasingly using sanctions as a geopolitical tool against its rivals, Russia, Iran and Venezuela. These countries are important partners for India, which needs to find ways around unilateral American sanctions.
India has benefited from three years of low petroleum prices. The tide is now turning, with oil moving from a benign $50 to $70 a barrel. This is a good time for it to start using financial instruments and asset purchases, as other countries do, to protect itself against further price rises