Despite US Tariff Threats, India Decides: Will Continue Buying Russian Oil!

An official from the Russian Embassy in New Delhi stated on Wednesday (August 20) that despite warnings from the United States, Russia plans to continue supplying oil to India.

Since the outbreak of the Russia-Ukraine conflict in February 2022, Russia's vast oil and gas industry has faced Western sanctions and restrictions. Seizing this opportunity, India significantly increased its imports of Russian oil. Russian oil now accounts for 35% of India's total imports, compared to just 0.2% before the Russia-Ukraine conflict.

However, at the end of last month, U.S. President Donald Trump announced a 25% tariff on Indian goods, citing India's continued import of Russian oil as the reason for U.S. dissatisfaction. This new tariff, set to take effect on August 27, will raise the total tariff level on Indian goods exported to the U.S. to 50%.

In response to Trump's tariff decision, the Indian Ministry of External Affairs recently stated that the U.S. decision regarding India's purchase of Russian oil is "unfair, unjust, and unreasonable," and India will take all necessary actions to protect its national interests. It appears that an agreement to ease trade tensions between the U.S. and India is still a long way off.