India's long-running oil deal with Russia is now becoming a potential source of geopolitical risk.

For the past four years, India has benefited from disruptions to global oil markets caused by Russia's war in Ukraine. Russian crude, pushed out of many Western markets after the invasion, has instead flowed to Indian refineries, often at discounted prices.

The arrangement has helped lower the cost of one of India's biggest imports, while giving Indian refiners a steady supply of crude.

But that advantage could now come at a price.

The US House of Representatives has passed legislation giving President Donald Trump broad powers to impose sanctions on Russia, including tariffs of up to 100 per cent on countries that buy Russian oil and gas.