Ironically, the EU may still stand to gain.The year began on a high note for the European Union and India. In February, European Commission President Ursula von der Leyen visited New Delhi and, alongside Indian Prime Minister Narendra Modi,

India's Hindustan Petroleum Corp is scouting for alternative crudes to protect itself if it were to stop buying Russian oil due to higher prices and sanctions, its chairman Vikas Kaushal said on Friday.

India, which now faces among the highest tariff rates imposed by the US, called the levy "unjustified and unreasonable".