In a post on Truth Social on 4/8, Trump claimed India buys large quantities of Russian oil and resells much of it on the open market for profit, disregarding the conflict in Ukraine.
"Therefore, I will significantly increase the tariffs India pays to the US," he declared. However, he did not specify the amount of the increase. The Indian Ministry of Commerce has not yet commented.
Trump has stated his aim to end the conflict in Ukraine as a priority upon returning to the White House. Recently, he expressed impatience with the Kremlin, threatening to impose 100% tariffs on US imports from countries buying Russian oil unless Moscow reaches a major peace agreement with Ukraine.
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US President Donald Trump and Indian Prime Minister Narendra Modi shake hands at the White House on 13/2. Photo: Reuters |
US President Donald Trump and Indian Prime Minister Narendra Modi shake hands at the White House on 13/2. Photo: Reuters
Last week, he announced a 25% tariff on imports from India and stressed that the world's fifth-largest economy would also face an unspecified additional penalty, without providing details.
India is the world's third-largest oil importer and consumer. Russia is currently its largest supplier, accounting for about 35% of its oil imports. In the first half of this year, India imported about 1.75 million barrels of Russian oil per day, a 1% increase compared to the same period in 2024, according to data collected by Reuters.
At a regular press conference on 1/8, Indian Ministry of External Affairs spokesperson Randhir Jaiswal said the country has a "stable and long-standing partnership" with Russia. "For our energy import needs, we consider market availability as well as the global situation and context," he said.
Last weekend, two Indian government sources told Reuters that the country would continue to buy Russian oil despite Trump's threats. "These are long-term oil contracts. We can't simply stop buying overnight," the source said. Unlike Iranian and Venezuelan oil, Russian crude is not subject to direct sanctions, and India is also buying below the price cap imposed by the European Union.
While the Indian government remains steadfast, Reuters reported that Indian state-owned refineries, including Indian Oil (IOC), Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL), and Mangalore Refinery Petrochemical (MRPL), have not purchased additional Russian oil for about a week.
On 4/8, IOC finalized a purchase of crude oil from the US, Canada, and the Middle East for delivery in September. The purchase included 4.5 million barrels of US oil, a higher amount than usual, presumably to partially replace Russian supply.
Phien An (Reuters)
