India to Continue Buying Russian Oil Despite US Pressure
Indian Prime Minister Narendra Modi responded decisively to US threats regarding tariffs, urging support for local production, while the Indian government has no plans to cease purchasing oil from Russia.
The Gaze writes about it, referring to Bloomberg.
According to the publication's sources, both state-owned and private oil refineries in India have the right to purchase oil from preferred sources, and the purchase of crude oil remains a commercial decision.
India has recently found itself among the main targets of US President Donald Trump. Last week, Trump harshly criticized India for joining BRICS and maintaining close ties with Russia, saying that together they could “they can take their dead economies down together".
Over the weekend, Prime Minister Modi stressed the need to protect India's economic interests amid global uncertainty, emphasizing the importance of supporting domestic production. His comments came after the Trump administration imposed a 25% tariff on Indian exports to the US and threatened additional sanctions over purchases of Russian oil.
Despite the escalating tensions, New Delhi is ready to continue trade negotiations with Washington, but analysts do not expect any significant concessions from India. The recent agreement with the UK has shown that the country is in no hurry to open up sensitive sectors such as agriculture and dairy.
“The UK deal shows that India’s policy risk appetite has risen but it will do so at its own pace,” wrote Trinh Nguyen, senior economist at Natixis.
Last week, Trump spoke positively about India's intentions to stop buying Russian oil. It was reported that oil refineries in India were tasked with developing plans to purchase non-Russian oil. For example, The Gaze previously informed that India's largest refinery has increased purchases of crude oil from the US and UAE amid international pressure over its purchases from Russia. However, according to Bloomberg, this is considered a precautionary measure in case Russian oil becomes unavailable.
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