In a bold move on Monday, U.S. President Donald Trump warned of raising tariffs on Indian goods over the nation\u0000a0ongoing purchase of Russian oil. In a pointed social media post, he claimed that India is not only buying massive amounts of Russian oil but is also reaping big profits by selling much of it on the open market.
Amid mounting pressure from Western nations amid the Russia-Ukraine crisis, a spokesperson for India's foreign ministry responded by stating that New Delhi will take all necessary measures to safeguard its national interests and economic security. The spokesperson described the targeting as "unjustified and unreasonable."
India has emerged as the largest buyer of seaborne crude from Russia, importing about 1.75 million barrels per day from January to June this year. With traditional oil supplies diverted to Europe, Indian officials say that purchasing Russian oil has become a market necessity.
Adding to the tension, Trump announced plans to impose new sanctions on Russia and on countries that purchase its energy exports unless Moscow takes steps to ease the Ukraine crisis. Nonetheless, two Indian government sources have indicated that India will continue its oil purchases from Russia despite these tariff threats.
This unfolding trade tension highlights the complex dance of global energy dynamics and geopolitics. Stay tuned for more updates, and keep your eyes on how these shifts might ripple across international markets! ⚡
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Trump again threatens to hike tariffs on Indian goods over Russian oil
cgtn.com
