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View all search resultsIndia will buy Russian oil despite Trump's threats, NYT reports
The New York Times on Saturday quoted two unnamed senior Indian officials as saying there had been no change in Indian government policy, with one official saying the government had "not given any direction to oil companies" to cut back imports from Russia.
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Shun Tai crude oil tanker is seen anchored at the terminal Kozmino in Nakhodka Bay near the port city of Nakhodka, Russia, December 4, 2022. (Reuters/TATIANA MEEL)
I
ndian officials have said they would keep purchasing oil from Russia despite the threat of penalties that U.S. President Donald Trump said he would impose, the New York Times reported on Saturday.
The New York Times on Saturday quoted two unnamed senior Indian officials as saying there had been no change in Indian government policy, with one official saying the government had "not given any direction to oil companies" to cut back imports from Russia.
"These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight."
Reuters reported this week that Indian state refiners stopped buying Russian oil in the past week, following a narrowing of discounts in July.
On Wednesday, US President Donald Trump said that imports from India will face 25 percent tariffs, while also announcing an unspecified "penalty" over New Delhi's purchases of Russian weapons and energy.
The measures will kick in on Friday, Trump posted on his Truth Social platform, adding to a bevy of other tariff hikes -- some up to 50 percent -- set to take effect the same day.
Shortly after announcing the tariffs on New Delhi, Trump said he had struck a deal with India's archrival Pakistan to jointly develop its oil reserves.
"Who knows, maybe they'll be selling oil to India some day!" he posted on Truth Social.
Trump has set out to upend the global economy by trying to leverage US economic power to squeeze trading partners with tariffs and force foreign companies to move to the United States.
He has already announced deal outlines with five countries -- Britain, Vietnam, Japan, Indonesia and the Philippines -- as well as the one with the 27-nation EU.
