On August 4 (US time), US President Donald Trump threatened to increase import tariffs on goods from India again, accusing New Delhi of buying a large amount of oil from Russia and then reselling it on the international market to make a large profit.
The Indian Foreign Ministry spokesperson responded that the US targeting India was unreasonable and unfounded, and affirmed that all necessary measures would be taken to protect economic interests and national security. New Delhi also stressed that Russian oil imports are a result of the global market situation, as traditional supplies are being directed to Europe after the outbreak of the Ukrainian conflict.
India is currently Russia's largest customer of crude oil transported by sea, averaging about 1.75 million barrels per day from January to June this year. The Indian government also pointed out that many Western countries, including the European Union, still maintain bilateral trade with Russia.
The US has imposed a 25% tariff on imports from India since July and has warned that it will take additional measures, including sanctions on countries buying energy from Russia, if Moscow does not take steps to end the conflict. However, two Indian government sources confirmed that the country will not stop buying oil from Russia.
Several major Indian refineries have recently suspended Russian oil purchases, while seeking supplies from the US, Canada and the Middle East. Observers say that India's steadfast stance and unpredictable moves from the Trump administration have caused bilateral trade to continue to face many uncertainties.
