India at a crossroads: state-owned companies have stopped importing Russian oil, private companies are waiting for instructions
Фото: Pixabay
Indian refineries are awaiting government orders on purchases of Russian oil after the US imposed additional 25 percent duties on imports from India.
Reuters reported this, citing its own sources.
“The government has not informed us anything yet, so we will not stop importing Russian oil,” said a source at a private oil refining company in India.
It is known that India’s state-owned refineries have already suspended imports of Russian oil. However, private companies are continuing to purchase.
India used to meet a third of its oil needs from Russia. As an alternative to supplies from Russia, it is considering purchasing energy resources from the Middle East, Africa, and America.
Reuters noted that Saudi Arabia has already raised oil prices for Asian countries.
“They are keeping prices very high in anticipation of demand growth in India,” said a representative of the oil refining industry in India.
Global markets expect the introduction of new tariffs to disrupt existing trade flows in favor of oil from the Middle East.
Earlier, US President Donald Trump announced his intention to significantly increase tariffs on imports from India due to its cooperation with Russia in the energy sector.
The day before, US President Donald Trump changed his approach to India policy to put more pressure on Vladimir Putin to stop the war against Ukraine.
As a reminder, US President Donald Trump announced the introduction of new tariffs for India : from August 1, the country will have to pay 25%. He explained that India buys most of its military equipment from Russia and, together with China, is one of the largest consumers of Russian energy.
It is worth adding that US Treasury Secretary Scott Bessant confirmed that Washington will continue to impose sanctions to limit Russia’s energy export revenues . According to him, the Treasury Department will “ensure full implementation of the restrictions” aimed at the financial sources of the aggressor state.
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