Russia is the third-largest exporter of crude oil globally. With the Russian invasion of Ukraine, the crude oil prices soared to a seven-year high of $110 per barrel. On Wednesday, the Brent crude oil benchmark was trading at $110.23 per barrel. Several sectors are crude-oil dependent. These include paint makers, oil makers, and fertilizer companies. India imports 85 per cent of its oil requirements. The Economic Survey 2022 estimated India’s Gross Domestic Product (GDP) growth rate at 8.0 to 8.5 per cent in 2022-23, which hinges on crude oil prices being in the range of $70-$75 a barrel. With crude oil crossing $100 per mark, it will have a negative impact on these sectors. It is also bad for the overall economy as it will increase the government’s import bills. Moreover, with higher crude oil prices in the international market, the fuel prices will also witness a surge, thus giving a push to inflation further.