Russia has given a discount of $ 4 per barrel on the price of crude oil for India. India did not buy oil from Russia, due to which the US has imposed heavy tariffs. Prime Minister Narendra Modi and Russian President Vladimir Putin met during the SCO Summit in China.
Russian oil import: The US has imposed an additional 25% tariff on India due to importing oil from Russia. The total tariff is 50%. This has caused tension in Indo-US relations. Meanwhile, there has been good news from Russia for India. PM Narendra Modi and Russian President Vladimir Putin met during the SCO Summit in China.
After this, Russia has given India a big discount on crude oil. The price of Russian oil for India has fallen from $ 3 to 4 per barrel. According to a report by Bloomberg, the price of Russia’s ural grade oil is being kept low for cargo loaded in the end of September and October.
India is the main importer of Russian crude oil
Trump doubled the tariff on India to 50% last week to prevent India from buying Russian oil. India has become the major importer of Russian crude oil after the introduction of the Russia-Ukraine War in 2022. At the Shanghai Cooperation Organization Summit in China, Prime Minister Narendra Modi said that there are “special” relations between Russia and India. In this sequence, he also met Chinese President Xi Jinping and both countries pledged to become a partner, not a rival.
White House advisor Peter Navaro has severely criticized India for buying Russian oil. He said, “India used to buy very little oil from Russia before Putin invaded Ukraine. Now India is buying crude oil from Russia at a lower price. Refine it and sells it in Europe, Africa and Asia. It gives fuel to the Russian war machine.”
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India has opposed this saying that there is no restriction on oil purchases. The US itself has not banned Russian oil. Despite a short time stop in shopping in early August, Indian refiners continue to import Russian oil. Last week, Russian oil was being offered to India at a discount of $ 2.50 per barrel. This is more than a dollar discount of July.