Now Reading: India May Continue Russian Oil Purchases Despite Possible US Tariffs
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India May Continue Russian Oil Purchases Despite Possible US Tariffs
India May Continue Russian Oil Purchases Despite Possible US Tariffs
The Story in Brief
A proposed US sanctions bill could allow President Donald Trump to impose tariffs of up to 100% on countries buying large quantities of Russian oil and gas. The bill would also permit secondary sanctions on shipping firms, insurers and vessels linked to Russia’s shadow fleet. India could be among the five biggest importers reviewed by the US Trade Representative every 180 days.
India’s Russian crude purchases have risen sharply since 2022, helped by discounted supplies after European countries reduced purchases. Russian oil accounted for about 55% of India’s crude imports in July, according to the report. Experts cited by The Times of India said a complete halt was unlikely soon because the oil supports energy security and refining economics.
The Indian Opinion
The proposed tariffs create uncertainty for India’s energy costs and foreign policy. However, the available information concerns a bill and possible presidential action, not a confirmed tariff decision. Claims that India will either immediately abandon Russian oil or ignore all US pressure appear too definite. Any change is likely to depend on sanctions, shipping access, payment arrangements, prices and alternative supplies.
Source: timesofindia.indiatimes.com
This story was synthesised by AI from the source linked above.
