 "US President Donald Trump speaks during a visit to the Kennedy Centre in Washington. He warned that Russia would face very severe consequences if it didn't adhere to a ceasefire after Friday's meeting. Reuters")
US President Donald Trump on Friday said Russia has “lost an oil client” after Washington penalised New Delhi for buying Russian crude, but further emphasised that he may hold off on imposing similar secondary tariffs on other countries continuing such purchases of oil.
“Well, he (Russian President Vladimir Putin) lost an oil client, so to speak, which is India, which was doing about 40 per cent of the oil. China, as you know, is doing a lot… And if I did what’s called a secondary sanction, or a secondary tariff, it would be very devastating from their standpoint. If I have to do it, I’ll do it. Maybe I won’t have to do it,” Trump told Fox News before leaving for Alaska to meet Putin.
Trump’s tariffs on India
His remarks came even as New Delhi has not confirmed any halt in oil imports from Moscow, despite Washington’s decision to levy a fresh 25 per cent duty, on top of an earlier 25 per cent tariff, on Indian goods from 27 August.
Earlier, Trump (on August 6) escalated the pressure by doubling duties on Indian products to 50 per cent, targeting New Delhi for its continued Russian oil imports. India condemned the move as “unfair, unjustified and unreasonable,” warning it would hit exports in sectors such as textiles, leather and marine goods. Prime Minister Narendra Modi has said India “will not back down” under economic pressure.
Bloomberg reported that Indian state refiners stopped buying Russian crude following Trump’s action, though no official confirmation has been made. Indian Oil chairman AS Sahney said on Thursday that India “has not halted purchases from Russia” and continues to buy solely on economic grounds.
India, which became Russia’s largest oil buyer in 2022 after Western sanctions, faces the prospect of its crude import bill rising by USD 9 billion this year and USD 12 billion next year if it cuts off Russian supplies, according to the State Bank of India. The report suggested Iraq, Saudi Arabia and the UAE could fill the gap.
Russian crude is also being offered to Indian refiners at discounted rates as EU sanctions and US threats weigh on global demand, Bloomberg cited data firm Kpler as saying.