2 hrs ago
India Defends Russian Oil Purchases Amid Threatened US Tariffs
India buys a lot of oil from Russia, even though Russia is fighting Ukraine.
The United States is considering very high tariffs on India because of this relationship.
India’s foreign minister says stopping oil purchases would not itself end the war.
He says the war needs dialogue, diplomacy, and negotiations.
He also discussed attacks on ships in the Black Sea with Ukrainian officials.
Russia says it will continue supplying India with oil.
India’s imports of Russian oil dropped in August compared with July.
A proposed US sanctions bill may be delayed because some lawmakers worry it could raise oil prices and expand presidential tariff powers.
India’s External Affairs Minister S Jaishankar said boycotting Russian oil would not end the Ukraine war.
Jaishankar called for dialogue and diplomacy while meeting Ukrainian officials, including President Volodymyr Zelensky.
Russian Ambassador Denis Alipov said Russia remained ready to supply India with as much oil as it needed.
India’s Russian crude imports fell 26.3% month-on-month to 2.08 million barrels per day in August.
A US sanctions bill that could lead to 100% tariffs on India reportedly stalled in the House of Representatives.
- Who
- India, Russia, Ukraine, and the United States are involved, with S Jaishankar, Volodymyr Zelensky, and Denis Alipov among the officials quoted.
- What
- India defended its purchases of Russian oil as the United States considered sanctions and potential 100% tariffs.
- Where
- The diplomacy involved meetings in Kyiv, while the oil trade and tariff dispute concern India, Russia, Ukraine, and the United States.
- When
- The statements were made on Thursday and Friday; the article also cites July and August import figures and a sanctions bill cleared by the US Senate last month.
- Why
- India says ending Russian oil purchases would not resolve the war and maintains that dialogue and diplomacy are needed; the United States is considering pressure over India’s oil relationship with Russia.
India and Russia’s Position
United States Sanctions Position
Whether Russian oil purchases should stop
India and Russia’s Position
India argues that boycotting Russian oil would not end the Ukraine war and that the conflict requires dialogue, diplomacy, and negotiation. Russia says excluding its crude would disrupt global supply chains and that it will continue supplying India.
United States Sanctions Position
The United States is considering sanctions and tariffs targeting cooperation between India and Russia’s oil trade as a form of economic pressure.
Impact of sanctions and tariffs
India and Russia’s Position
Russia describes secondary sanctions and tariffs as punitive pressure tactics and says India’s national interests in maintaining oil supplies are paramount.
United States Sanctions Position
The proposed US sanctions bill could impose major economic pressure, although concerns that it could increase oil prices and expand presidential tariff powers have contributed to its reported delay in the House.
Diplomatic approach to the Ukraine war
India and Russia’s Position
India says it is ready to help end the war and encouraged dialogue, while also raising concerns about attacks on commercial shipping and their effects on fuel, fertilizer, and food supplies.
United States Sanctions Position
The US position described in the articles centers on sanctions and tariffs against countries continuing significant economic cooperation with Russia.
Key facts
- India’s Russian crude imports in July
- 2.82 million barrels per day, described as a record high
- India’s Russian crude imports in August
- 2.08 million barrels per day
- Monthly change in Russian crude imports
- Down 26.3% from July to August
- Overall Indian crude imports in August
- 4.62 million barrels per day, down 8.4%
- Potential US tariff
- Up to 100% on India
- Brent crude price cited
- $96.06 per barrel, up 0.6% at 0100 GMT
- Indian seafarer casualties
- Five Indian seafarers were killed earlier this year amid drone attacks
Quotes
S Jaishankar
India’s External Affairs Minister
“The question is how confident is India? India has shown that it’s able to stand its ground and defend its national interests. And when we speak about the sanctions pertaining to oil trade, the tariffs are also related to the cooperation between Russia and India in oil supplies. These interests are paramount for India”
financialexpress.com
“This conflict, which is today in its fifth year, will not be solved because somebody is buying or not buying oil or alumina or minerals or metals or fertiliser. This conflict will be solved by dialogue, diplomacy, and negotiation. That is why, it is something we would encourage”
financialexpress.com
Sources
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