US President Donald Trump said yesterday he will substantially raise tariffs on goods from India over its purchases of Russian oil.
“India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don’t care how many people in Ukraine are being killed by the Russian War Machine,” Trump said in a post on Truth Social.
“Because of this, I will be substantially raising the Tariff paid by India to the USA.”
He did not elaborate on what the tariff would be.
Meanwhile, India said yesterday that US and EU “targeting” of the nation for importing oil from Russia after the commencement of the Ukraine conflict is “unjustified and unreasonable.”
“Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,” the Foreign Ministry spokesperson Randhir Jaiswal said in a statement.
Over the weekend, two Indian government sources told Reuters that India will keep purchasing oil from Russia despite Trump’s threats. The sources did not wish to be identified due to the sensitivity of the matter.
New Delhi has been the biggest market for Russian crude since 2023, importing 89 million tonnes last year, approximately 50 per cent more than China, according to ship tracking data compiled by Kpler.
Last year Russia supplied India with one-third of its crude oil imports, or about 550m barrels. The US, by contrast, sent just 52m barrels during that period, according to data from data provider LSEG.
Ajay Srivastava, a trade policy expert with the Global Trade Research Initiative, denied Trump’s accusation that New Delhi was selling Russian crude on the open market. “India is a net importer of crude oil, and its global exports of crude stand at zero.”
Washington last week said it would impose a 25 per cent tariff on India out of frustration with the Modi government’s refusal to change it policy on Russian oil purchases.
Marco Rubio, US secretary of state, called the policy a “point of irritation” in remarks to Fox News on Thursday, charging that India was helping to fund Russia’s “war effort” in Ukraine.
Trump is also set to levy economic penalties on Russia as he continues to push for a diplomatic end to Vladimir Putin’s war in Ukraine. Russia must agree to a ceasefire by Friday or face sanctions, the president said last week.
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