India risks Trump's tariffs as oil refiners may still buy Russian
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No decision has been taken as yet on stopping imports from
Russia , the people said, asking not to be named due to the sensitivity of the matter. Both state-run and private refiners are allowed to buy from their preferred sources, and crude purchases remain a commercial decision made by them, several of the people said.
Trump blasted India on Wednesday for continuing to purchase most of its military equipment and energy from Russia. The US leader imposed a surprise 25 per cent tariff on India and threatened an additional penalty for its close ties with Moscow. Two days later, Trump told reporters he 'heard' India would no longer be buying oil from Russia, calling it 'a good step.'
India has maintained its energy purchases are driven by market forces and price. Last week, refiners were told to come up with plans for buying non-Russian crude, people familiar said to reporters. The government asked state-owned processors to prepare an outline of where alternate barrels can be sourced and at what volume if Russian flows get stopped, they said. One of the people said the instruction amounted to scenario planning in case Russian crude were to become unavailable.
An Indian fisherman sails over the Ennore Creek covered with an oil spill after Cyclone Michaung, in Chennai, India, December 11, 2023. Photo: EPA-EFE
US media reported on Saturday that India will keep buying Russian crude despite a threat of penalties from Trump, citing two senior Indian officials it did not identify.
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