PM Modi defiant as Trump steps up pressure on India's Russia oil purchases
Donald Trump
's tariff threats, urging the nation to buy local goods as his administration signaled it would continue buying Russian oil.
Modi's government hasn't given India's oil refiners instructions to stop buying Russian oil, and no decision has been taken on whether to halt the purchases, people familiar with the situation told Bloomberg, asking not to be named due to the sensitivity of the matter. Both state-run and private refiners are allowed to buy from preferred sources, and crude purchases remain a commercial decision, several of the people said.
Explore courses from Top Institutes in
Please select course:
Select a Course Category
Others
Data Science
CXO
Management
Technology
Finance
healthcare
Public Policy
Artificial Intelligence
MBA
Data Analytics
Healthcare
Digital Marketing
Product Management
Project Management
others
Operations Management
Leadership
Design Thinking
Degree
Data Science
Cybersecurity
MCA
PGDM
Skills you'll gain:
Duration:
7 Months
S P Jain Institute of Management and Research
CERT-SPJIMR Exec Cert Prog in AI for Biz India
Starts on
undefined
Get Details
Skills you'll gain:
Duration:
9 months
IIM Lucknow
SEPO - IIML CHRO India
Starts on
undefined
Get Details
Skills you'll gain:
Duration:
28 Weeks
MICA
CERT-MICA SBMPR Async India
Starts on
undefined
Get Details
Skills you'll gain:
Duration:
16 Weeks
Indian School of Business
CERT-ISB Transforming HR with Analytics & AI India
Starts on
undefined
Get Details
Over the weekend, Modi underscored the importance of shielding India's economic interests during uncertain global conditions. The comments came just days after the Trump administration imposed a 25% tariff on Indian exports to the US. The White House is also threatening more action if India continues
Russian oil purchases
.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Moose Approaches Girl At Bus Stop In Ilocos Norte - Watch What Happens
Happy in Shape
'The world economy is going through many apprehensions — there is an atmosphere of instability,' Modi said at a rally in the northern state of Uttar Pradesh on Saturday. 'Now, whatever we buy, there should be only one scale: we will buy those things which have been made by the sweat of an Indian.'
India has become one of Trump's top targets as he looks to pressure Russian President Vladimir Putin to end his war in Ukraine. The US president lashed out at India last week, criticizing it for joining the
BRICS grouping
of developing countries and maintaining close ties with Russia, saying 'they can take their dead economies down together.'
Live Events
The rebuke marked a stunning shift in tone for the US, which for years had overlooked India's close historical ties with Russia as it courted the nation as a counterweight in Asia to China. Now, Trump appears willing to undo that strategy to gain leverage against Putin, who has resisted the US president's efforts to end the fighting in Ukraine.
'Get Real'
Stephen Miller, Trump's deputy chief of staff, on Sunday accused India of imposing 'massive' tariffs on American goods and 'cheating' the US immigration system in addition to purchasing about as much Russian oil as China.
'President Trump, he wants a tremendous relationship and has had always a tremendous relationship with India and the prime minister,' Miller said. 'But we need to get real about dealing with the financing of this war.'
'So, President Trump, all options are on the table to deal diplomatically, financially and otherwise with the ongoing war in Ukraine, so we can achieve peace,' Miller added.
Trump last week told reporters he 'heard' India would no longer be buying oil from Russia, calling it 'a good step.' Bloomberg reported last week that refiners were told to come up with plans for buying non-Russian crude, but one of the people said the instruction amounted to scenario planning in case Russian crude were to become unavailable.
The New York Times reported Saturday that India would keep buying Russian crude despite a threat of penalties from Trump, citing two senior Indian officials it didn't identify. An Oil Ministry spokesperson didn't reply to messages from Bloomberg seeking comment outside of regular business hours.
India's refiners have been singled out by the European Union and the US for supporting Moscow during its war in Ukraine with the oil purchases. It has become the world's biggest buyer of Russian seaborne exports of crude, soaking up discounted barrels and ramping up its purchases from almost zero to about one-third of its imports.
Although China is the primary economic and diplomatic backer of Russia, Trump's leverage against the world's second-biggest economy is limited due to Beijing's control of rare-earth magnets the US needs to make high-tech goods. The US and China have held talks in recent months aimed at stabilizing the relationship after they both hiked tariffs on each other's goods well beyond 100% earlier this year.
'Time-tested partnership'
India has defended its ties with Russia, one of its biggest suppliers of weapons dating back to the Cold War. The two nations have a 'steady and time-tested partnership,' Indian Foreign Ministry spokesperson Randhir Jaiswal told reporters on Friday.
'Our bilateral relationships with various countries stand on their own merit and should not be seen from the prism of a third country,' Jaiswal said. Asked about ties with the US, he added that he's 'confident that the relationship will continue to move forward.'
India expects US trade negotiators to visit the country toward the end of the month to continue talks on a bilateral deal, an official in New Delhi said Friday. The nation will hold its ground and won't give the US access to its dairy and agriculture sectors, the official said, citing political and religious sensitivities.
Modi's renewed emphasis on domestic manufacturing and consumption echoes his long-standing 'Make in India' initiative. However, the message has taken on new urgency after the US tariffs.
'The interests of our farmers, our small industries and the employment of our youth are of paramount importance,' Modi told the rally on Saturday.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
28 minutes ago
- India Today
Zelensky, Trump Discuss Ceasefire, Sanctions, and Major Drone Deal
Ukrainian President Volodymyr Zelensky said on Tuesday (local time) that he had had a "productive" conversation with his US counterpart, Donald Trump on ending the war, sanctions on Russia and the finalisation of a US - Ukraine drone deal."President Trump is fully informed about Russian strikes on Kyiv and other cities and communities," Zelensky wrote on X, referring to intensifying drone and missile who has signalled frustration with Vladimir Putin in recent weeks, has given the Russian president until August 8 to make peace in Ukraine or face tougher sanctions. A source in Washington said US envoy Steve Witkoff would be meeting the Russian leadership in Moscow on in his nightly video address, Zelensky said Trump "knows the situation along the front line," which extends for 1,000 km (620 miles) through eastern and southern he said, had long supported US proposals for an immediate ceasefire and had proposed a number of formats to implement a halt to the fighting."We have spoken with and proposed to Russia quiet in the skies, no missile and drone attacks and specifically no attacks on civilian infrastructure or on the energy sector," he said."All of this has been violated by the Russians and in a very cynical fashion."Trump has threatened to hit Russia with new sanctions and impose 100% tariffs on countries that buy its oil, although sources close to the Kremlin have told Reuters that Putin is unlikely to bow to the said Ukraine was also ready to conclude a deal with the U.S. on the purchase of Ukrainian drones that would amount to "one of the strongest agreements". He had earlier said the deal was worth around $30 is increasingly seeking financing and investment from its foreign partners to bolster its burgeoning domestic arms said Kyiv's European partners had so far pledged to buy more than $1 billion in US weapons for Ukraine as part of a new scheme.- EndsTune InMust Watch
Economic Times
28 minutes ago
- Economic Times
World War 3 Near? Russia ends nuclear limits as Putin signals Cold War-style arms race with West
Russia has declared it will no longer limit its nuclear missile deployment. This comes after the US planned to station new missiles in Germany. President Vladimir Putin and top officials warned of retaliatory steps, raising fears of a new Cold War-era arms race with advanced weapons and reduced response times. Tired of too many ads? Remove Ads Russia Responds to US Missile Plans Kremlin Declares End to Nuclear Restraint Putin Prepares New Oreshnik Missile Deployment Tired of too many ads? Remove Ads Missile's Impact Could Blur War Lines Trump's Role and Medvedev's Reaction Return of Cold War Missile Tensions Risks of Escalation Increase FAQs This announcement follows the United States' plans to deploy new intermediate-range weapons in Europe. The move marks a shift in global nuclear strategy and has raised concerns about a renewed Cold War-style arms Russian Foreign Ministry accused the United States and its NATO allies of creating a direct threat to its national security. The trigger is the planned deployment of US-made Typhoon and Dark Eagle missiles in Germany starting in 2026. These intermediate-range weapons have been a point of contention since the collapse of the INF Treaty in spokesperson Dmitry Peskov stated that Russia no longer considers itself bound by any previous arms control limits. He said Russia has the right to take appropriate steps if needed. According to Russian officials, the deployment of US missiles in Europe has broken the remaining stability between nuclear is preparing to deploy the Oreshnik missile, which can travel at Mach 10 and carry either nuclear or conventional warheads. This missile was first used in Ukraine in November. It is now being readied for deployment in Belarus. President Vladimir Putin has claimed that even conventional strikes using this missile could cause destruction comparable to nuclear Oreshnik missile's use suggests a new gray zone in warfare. While it may not carry nuclear warheads, its destructive potential could resemble that of a nuclear weapon. This tactic could lead to confusion about whether a nuclear strike has occurred, further complicating international Russian declaration comes shortly after Donald Trump repositioned two US nuclear submarines in response to nuclear threats from Dmitry Medvedev, Russia's Security Council deputy chairman. Trump has demanded a peace deal on Ukraine or warned of new sanctions. Medvedev responded that each new ultimatum was a step toward war. He also posted that Russia's end of its missile moratorium is a direct answer to NATO's missiles, banned under the 1987 INF Treaty, are now being considered again by both sides. The United States claimed Russia violated the treaty first. In contrast, Russia said its actions are in response to US missile placements in warn that intermediate-range missiles reduce decision-making time to just a few minutes. This increases the risk of mistakes, as world leaders may misinterpret incoming threats and respond without full information. The breakdown of arms control increases global said it will no longer follow past nuclear limits and may deploy its own missiles in reaction to US weapons moving into Oreshnik is a fast missile that can carry nuclear or conventional warheads. It is being prepared for deployment in Belarus.
Mint
28 minutes ago
- Mint
AMD Gives Solid Forecast, Showing Strength of Demand for AI
(Bloomberg) -- Advanced Micro Devices Inc., the second-largest maker of AI accelerator chips, gave a strong forecast for the current period, signaling that it's making inroads in an industry dominated by Nvidia Corp. Third-quarter sales will be about $8.7 billion, the company said in a statement Tuesday. That compares with an average analyst estimate of $8.37 billion. The forecast doesn't include sales of AI chips to China, where US export controls were recently eased. The outlook pleased investors, who have been looking for more growth from AI accelerators, the highly prized chips that help develop and run artificial intelligence models. The market has become the hottest part of AMD's business, even though the company remains far behind Nvidia. But the China market remains a question mark: Though AMD is expected to begin resuming sales of AI chips there — after the easing of restrictions by the Trump administration — it's unclear how soon that will happen. Investors have poured money into AMD's shares this year, making it the best-performing semiconductor stock in 2025. The run-up has put pressure on its management to match lofty expectations for growth. Three months ago, AMD said it was taking $800 million in charges for inventory and reserves due to export controls in the second quarter and that those restrictions would cost it $1.5 billion in revenue this year. The US move to ease those restrictions on China are expected to eventually change its outlook. AMD's stock, the top stock in the Philadelphia Stock Exchange Semiconductor Index this year, rose about 1% in extended trading following the announcement. It had gained 44% in 2025. AMD's second-quarter sales rose 32% to $7.7 billion, compared with a $7.43 billion average estimate. Profit was 48 cents a share, minus certain items. Analysts projected 49 cents. Data center sales gained 14% to $3.2 billion in the period. On average, analysts had predicted $3.25 billion. Personal computer-related sales climbed 67% to $2.5 billion. The average prediction was $2.56 billion In the decade since Chief Executive Officer Lisa Su took the top job at AMD, the company has become a key provider of technology across the computing industry. The ability to deliver competitive products — at a time when longtime nemesis Intel Corp. has stumbled — has brought a reversal of fortunes. AMD's market capitalization is now roughly $200 billion higher than Intel's. Still, neither company has matched the runaway success of Nvidia, whose dominance of AI accelerators has made it the world's most valuable business. AMD is the second-biggest provider of graphics chips, which form the basis for the AI accelerators that run in data centers. Its microprocessors, meanwhile, go head to head with Intel products in the markets for PCs and servers. More stories like this are available on
