The USA threatens India with new tariffs over Russian oil

• The USA may introduce new tariffs on India due to the import of Russian oil.
• India is seeking alternatives to Russian oil from other countries.
• Negotiations between India and the USA will resume on August 25.

The US Secretary of Finance, Scott Bessent, warned that Washington may impose additional tariffs on India, depending on the results of the meeting scheduled for August 14 between President Donald Trump and Russian President Vladimir Putin in Alaska. Bessent noted that this decision will depend on the outcomes of the meeting.

Trump has already imposed a 25% penalty on imports from India for purchasing Russian oil and gas. According to him, if the situation does not improve, new sanctions may be introduced. Since the beginning of the war in Ukraine, India has significantly increased its imports of Russian oil, which has caused tension in relations between India and the USA.

Currently, Indian oil refineries are actively seeking alternatives to Russian oil, purchasing crude from various countries, including the USA and Brazil. India plans to obtain 22.5 million barrels of oil from Saudi Arabia in September, which is a significant increase compared to last year.

At the same time, Indian importers who wish to continue purchasing Russian oil are facing difficulties due to the withdrawal of banks and logistics partners regarding possible sanctions from the USA. This has led some traders to consider the possibility of purchasing Russian oil through third-party fleets.

During the trade negotiations between India and the USA, which are set to resume on August 25, experts note that India may reduce tariffs on agricultural products and dairy, which is a serious concession for reaching an agreement.

Tags: USA/Russia/Politics/Economy/Energy