US President Donald Trump on Friday claimed that Russia has “lost India as an oil client” after Washington imposed heavy penalties on New Delhi for its continued purchases of Russian crude, warning that a similar move against Moscow could have “devastating” consequences. His comments, made to Fox News before departing for Alaska for a high-stakes meeting with Russian President Vladimir Putin, came even as India has not confirmed any suspension of Russian oil imports.
“They lost oil client India which was doing about 40% of the oil and China’s doing a lot. If I did a secondary tariff it would be devastating — if I have to, I will, maybe I won’t have to,” Mr Trump said.
Earlier this month, Washington doubled its tariff burden on Indian goods to 50%, citing New Delhi’s continued imports of discounted Russian crude. India strongly condemned the move as “unfair, unjustified and unreasonable,” warning of its impact on key export sectors including textiles, marine products, and leather. Prime Minister Narendra Modi asserted that India “will not back down under economic pressure.”
Bloomberg reported that state-run refiners have paused Russian crude purchases after the US action, though the Indian government has not officially confirmed this. Indian Oil Corporation chairman A.S. Sahney clarified Thursday that India continues buying oil based purely on “economic considerations.”
India emerged as Russia’s top oil customer in 2022 after Western sanctions pushed Moscow out of European markets. According to a State Bank of India study, halting Russian imports could inflate India’s crude bill by $9 billion this year and $12 billion next year. Iraq, Saudi Arabia, and the UAE are viewed as possible alternative suppliers.
Meanwhile, data firm Kpler noted that Russia is offering steep discounts to Indian buyers, as EU sanctions and US pressure cloud demand prospects.
OpinionExpress.In
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