Jefferies cuts India weighting as Trump’s secondary tariff threat on Russian oil buyers raises trade risk for India, China.

• Russian oil forms 25% of global exports; tariffs could disrupt flows, escalate tensions, warns Jefferies strategist Chris Wood.
• India’s portfolio weight cut 1% in the GREED & fear note; South Korea allocation raised as a safer alternative.
• Nifty 50 down 0.7% this week; Citi also downgraded India on expensive valuations, geopolitical risks add caution.