India set to deliver another blow to US; may strike this deal with Russia after Oil, it is..
Amid rising tensions between Washington and New Delhi over Russian oil imports, India and Russia are reportedly gearing up to deliver another strike at the United States. After their crude oil agreement, India and Russia are reportedly moving forward with an additional deal. If media reports are to be believed, Russian Deputy Prime Minister Denis Manturov stated that Russia is considering India as a buyer of liquefied natural gas (LNG). He also noted that Russia wants to enhance cooperation with India with respect to nuclear energy. This was all said in the context of U.S. President Donald Trump’s additional 25% tax on India buying Russian oil, which the Kremlin called illegal.
What is the new deal India is considering with Russia after oil imports?
Trump has imposed tariffs totalling 50 per cent on India, including 25 per cent for Delhi’s purchases of Russian oil that will come into effect from August 27. India has called the tariffs imposed by the US “unjustified and unreasonable”. New Delhi said that, like any major economy, it will take all necessary measures to safeguard its national interests and economic security.
What sectors besides oil might this deal involve?
It has been reported by the Russian Embassy officials in New Delhi that Russia will continue to supply oil to India despite warnings from the USA. Russia believes that trilateral talks with India and China will happen very soon. At a press conference, Roman Babushkin, the charge d’affaires at the Russian embassy in India, stated, “I want to highlight that despite the political situation, we can predict that the same level of oil import (by India).”
Why is this considered a potential blow to Trump and the U.S.?
A strained relationship currently exists between the United States and India over India’s purchase of Russian oil. Given the state of US-India relations, a statement by Russia is of significant importance. Russia wants to develop its relationship with India, particularly regarding energy. Liquified Natural Gas (LNG) is gas cooled into liquid form for ease of transportation from one location to another.
India is the world’s third-largest petroleum importer and has seen a marked increase since the outbreak of the war between Russia and Ukraine, largely because of the discounts on Russia crude oil.
When asked about the US’s imposition of an additional 25 per cent tariff if India continues to import Russian oil, Deputy Trade Representative of Russia in India Evgeny Griva assured that Russia’s supply of crude oil to India is indispensable.”Definitely, there are some imposition how to supply crude oil. And now we couldn’t discuss it because it’s really a very special mechanism. But only one thing is absolutely clear: that the percentage which Russia provides, approximately 40 per cent, is very important; it’s a crucial share for the Indian economy and it means that the situation practically couldn’t be changed,” Griva said, news agency ANI reported.
Griva stated that India is likely to keep relatively high purchases of “crude” oil from Russia. He further stated that Russia sells oil to India at a roughly 5% discount. Griva stated that trade growth is expected to continue at around 10% per year between the countries.
Story Highlights
- Amid tariff tussle with India, Russia’s First Deputy PM Denis Manturov makes a big statement.
- Trump has imposed tariffs totalling 50 per cent on India
- Russian Deputy Prime Minister Denis Manturov stated that Russia is considering the potential to export liquefied natural gas (LNG) to India.
U.S. Treasury Secretary Scott Bessent on Tuesday reiterated the possibility of an increase in taxes on imports from India, claiming that the tax is due to the purchase of banned Russian oil. He also said that India is benefiting from these oil purchases, and some of the wealthiest families in India are benefiting from this.
News