Russia offers discount on oil prices to India amid Trump tariffs: Report
The price of Russian oil has dropped to $3-$4 per barrel for India, as New Delhi continues to bear the brunt of US tariffs, media reports said.
According to a Bloomberg report, the price of Russia's Ural grade is being offered at a lower price for cargoes that will load in late September and October.
The Trump administration has imposed 25 percent reciprocal tariffs on India and an additional 25 percent on Russian oil purchases, bringing the total duties imposed on India to 50 percent, among the highest in the world.
In 2022, India became a major importer of Russian crude at the start of the Russia-Ukraine war.
Now, after repeated flak from Washington, India finds itself closer to Moscow and Beijing, in a defiant show of ties.
Even at the Shanghai Cooperation Organisation summit in China, Prime Minister Narendra Modi said that Russia and India share a "special" relationship. In a similar vein, he also met Chinese President Xi Jinping, and the two countries pledged to be partners, not rivals.
White House advisor Peter Navarro had launched a scathing attack on India by saying, "Before Putin invaded Ukraine, India didn't buy Russian oil to speak of- very, very small amounts. What happened? Now, Russian refiners provide discounts, India refines it, and then sells it at a premium to Europe, Africa and Asia. It fuels the Russian war machine."
Trump has accused India of supporting Moscow's war on Ukraine by purchasing Russian oil.
However, he did not impose tougher sanctions on Russia itself.
Defending India's oil purchase, External Affairs Minister S Jaishankar had argued that the same yardstick has not been applied to China and the European Union, the largest importer of Russian crude oil and Russian LNG, respectively.
New Delhi said that, like any major economy, it will take all necessary measures to safeguard its national interests and economic security.
This comes as Prime Minister Narendra Modi held bilateral discussions with Russian President Vladimir Putin and Chinese President Xi Jinping on the sidelines of the Shanghai Cooperation Organisation (SCO) Summit in Tianjin.
India-US bilateral ties witnessed a deterioration after the Trump administration imposed a massive 50 percent tariff on India.
Previously viewed as India-friendly, the Trump administration slapped a 25 percent tariff on the South Asian country for its high tariffs on American exports and another 25 percent for purchasing oil from Russia which is fighting a war against Ukraine.
In a strong optics of diplomacy, PM Modi on Monday took a car ride with Russia's President Vladimir Putin after the Shanghai Cooperation Organisation (SCO) meet in Tianjin.
The premiers of the two countries headed for a bilateral meeting on the sidelines of the meet.
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