Indian state refiners have stopped buying Russian oil over the past week. Industry sources told Reuters the decision came as discounts on Russian crude narrowed and US President Donald Trump warned against such purchases.
India is the world’s third-largest oil importer and the biggest buyer of seaborne Russian crude.
India’s state-owned oil firms, such as Indian Oil Corp, Hindustan Petroleum, Bharat Petroleum, and Mangalore Refinery, have halted oil imports from Russia.
The companies have turned to spot markets for alternatives. They are now purchasing crude mainly from the Middle East and West Africa.
Private firms like Reliance Industries and Nayara Energy continue to buy Russian oil. But state-run refiners control more than 60% of India’s 5.2 million barrels per day refining capacity.
On July 14, Trump warned: “Countries that buy Russian oil will face 100% tariffs unless Moscow reaches a major peace deal with Ukraine.”
On Thursday, Trump defended his global tariffs, posting on Truth Social: “Tariffs are making America great and rich again. One year ago, America was a dead country; now it is the ‘hottest’ country anywhere in the world.”
A day earlier, Trump imposed new tariffs on several nations. South Korea secured a 15% tariff after a last-minute deal. Trump said Seoul would invest $350 billion in the US and buy $100 billion worth of LNG and other energy.
Brazil was hit with a 50% tariff. India now faces a 25% tariff on its exports to the US. Trump has also warned Canada over its plans to recognise a Palestinian state.
South Korea’s presidential office confirmed car exports would be taxed at 15%, the same as Japan and the EU.
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