NEW DELHI, Aug 8 : Despite the massive US tariffs on Indian goods, Indian companies’ trade with Russian oil conglomerates remains very strong, though there has been a slight fall in volume, reports Russian state-media TASS.
“Oil companies still purchase Russian oil. Volumes may have declined, though (purchases) have not stopped.
“All companies support a commercially advantageous deal, we continue to purchase Russian oil or any other that is cheaper,” a TASS source noted.
The agency source noted that the fluctuations in volume are part of a routine practice in bilateral oil trade, as purchases differ month to month based on demand, supply conditions, oil quality, logistics etc.
“However, the Indian government has made it clear that there is no interruption in Russian oil supplies. Russian oil is not under sanctions,” the source emphasised.
Recently, the US administration under President Donald Trump enacted punitive sanctions on India, imposing an additional 25% tariff on Indian exports to the US over New Delhi’s continued purchase of Russian oil.
This comes on top of Washington’s previous 25% tariffs on Indian exports as part of the Trump tariffs, bringing the total volume of sanctions to 50%.
Trump earlier said that most of India’s military equipment was imported from Russia, and alongside China, it was the largest buyer of Russian energy.
However, India has refused to allow any additional sanctions to deter it from buying Russian oil, with the Ministry of External Affairs slamming the action as unjustified, saying its purchase was motivated by its national energy requirements, and said that it would continue to do whatever is required to secure its national interest.
(UNI)
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