US President says India halted Russian crude purchases, New Delhi yet to confirm
Trump’s Remark on India and Russian Oil
US President Donald Trump on Friday claimed that Russia lost India as a key oil client, following Washington’s fresh tariff actions. Speaking to Fox News before departing for Alaska to meet Vladimir Putin, Trump said India accounted for nearly 40% of Russian oil trade.
“Well, he (Putin) lost an oil client, so to speak, which is India… If I did what’s called a secondary sanction, or a secondary tariff, it would be very devastating. If I have to do it, I’ll do it. Maybe I won’t have to,” Trump remarked.
Tariff Escalation Against India
- On August 6, Trump imposed an additional 25% tariff on Indian goods.
- The duty was later doubled to 50%, set to take effect from August 27.
- India condemned the move as “unfair, unjustified, and unreasonable.”
The sectors most likely to be hit include textiles, marine products, and leather exports.
Prime Minister Narendra Modi earlier asserted that India would not bow to economic pressure.
India’s Response on Russian Oil Purchases
While Bloomberg reported that Indian refiners stopped Russian crude imports after Trump’s action, officials in New Delhi have not confirmed any such halt.
- Indian Oil Corporation Chairman AS Sahney clarified that India continues to buy Russian crude based on economic factors.
- He stressed that decisions are made purely on pricing and supply considerations.
India’s Dependence on Russian Oil
- In 2022, India became the largest buyer of Russian oil after Western nations imposed sanctions on Moscow.
- According to the State Bank of India (SBI), if India halts Russian crude imports, its oil bill could rise by $9 billion this year and $12 billion next year.
- Alternatives include supplies from Iraq, Saudi Arabia, and the UAE, though at higher prices.
Global Reactions and Pressure
Both Russia and China criticized Trump’s tariffs, calling them illegal trade pressure on India.
Meanwhile, data from Kpler Ltd suggested that Russia is offering crude to Indian buyers at discounted rates, as European sanctions continue to weaken demand for Moscow’s oil.
As Washington escalates its tariff offensive, India remains caught between energy security and economic pressure. Whether New Delhi will officially halt Russian oil imports—or find alternative suppliers—could reshape not only India’s trade strategy but also the global oil market balance.
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