Trump India Oil Sanctions: India has not given any order to stop procurement of crude oil from Russia despite American pressure and 25% tariffs. Government and private refineries are still purchasing Russian oil in their interest.
Donald Trump Tariff Threat: US President Donald Trump is pressurizing India to stop purchasing oil from Russia. He has also announced 25% tariffs and fine on imports from India. Meanwhile, according to Bloomberg’s report, India is not going to stop buying fuel from Russia under American pressure.
India did not ask Russia to stop oil purchases
Bloomberg quoted people familiar with the matter as saying that India has not instructed its oil refineries to stop the purchase of Russian crude oil. This decision has come at a time when the Government of India is avoiding tension with Donald Trump. On the other hand, is also handling diplomatic relations with Russia. According to Bloomberg sources, no official decision has been taken to stop imports from Russia. Both government and private refiners continue to make a source of oil for commercial reasons. They are allowed to buy from the supplier of their choice.
Donald Trump had said- India has heard that oil will stop purchasing oil from Russia
Donald Trump criticized India’s excessive dependence on Russian energy and defense equipment. He imposed 25% tariffs on goods imported from India and threatened more punishment due to close ties with Moscow. Later, Trump said, “India has heard that India will stop buying Russian oil. Don’t know whether it is true or not, but it is a good step.”
India seek an alternative source of crude oil
India has been continuously saying that its energy purchase is determined by market conditions and prices. According to Bloomberg, the refiners were asked last week to prepare a plan for the purchase of non-Russian crude oil if needed. Government oil companies were asked to find alternative sources of crude oil. Any guess where and how much oil can be purchased in Russia.
India is a big buyer of Russian oil
Despite this, The New York Times on Saturday quoted two senior Indian officials as saying that India will continue to buy crude oil despite a fine threat from the US. Let us know that India has become the biggest buyer of Russian oil since the beginning of Ukraine’s fight. Its share in total imports has increased from almost zero to about one-third. The US and the European Union have criticized India for this. It has been told Russia to help in fighting. India is dependent on imports for fuel needs. India will have to increase the purchase of crude oil from Gulf countries by reducing or closing oil imports from Russia. More price will have to be paid for this. This may increase India’s energy import bill.