Recalibration of discounted Russian oil imports by Indian companies should be more than offset by gains from lower US tariffs, Nomura said. Nomura economists Sonal Varma and Aurodeep Nandi said the shift away from Russian oil following US sanctions could pave the way for a trade deal with Washington and a reduction in tariffs. The economists expect the 25% punitive levy on purchases of Russian oil to be removed after November, while the reciprocal 25% tariff will remain through the fiscal year ending March.