India Selling High Volumes of Russian Oil for Profit, Trump Says
President Donald Trump this week accused India of buying large amounts of Russian oil and selling it for profit, adding that he plans to significantly raise U.S. tariffs against the country.
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"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump wrote Aug. 4 on Truth Social. "They don’t care how many people in Ukraine are being killed by the Russian War Machine."
Trump late last month threatened to impose "sanctions, and maybe secondary tariffs," in order to force Russian President Vladamir Putin to stop bombing Ukraine, which could include imposing tariffs on any country buying Russian oil (see 2507280045). He wrote Aug. 4 that he will be "substantially raising the Tariff paid by India to the USA."
The U.S. and other countries, including the Group of Seven, have imposed a price cap on purchases of Russian oil after Moscow invaded Ukraine in 2022 (see 2212050014).
The Indian External Affairs Ministry responded Aug. 4, complaining that the pressure from the EU and the U.S. to stop buying Russian oil was hypocritical.
"India began importing from Russia because traditional supplies were diverted to Europe after the outbreak of the conflict. The United States at that time actively encouraged such imports by India for strengthening global energy markets stability," the statement said.
India said that importing Russian oil, which trades at a discount to other oil, makes energy affordable for its people. "It is revealing that the very nations criticizing India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion," the statement said.
"Where the United States is concerned, it continues to import from Russia uranium hexafluoride for its nuclear industry, palladium for its EV industry, fertilizers as well as chemicals.
"In this background, the targeting of India is unjustified and unreasonable. Like any major economy, India will take all necessary measures to safeguard its national interests and economic security."