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Time of India
an hour ago
- Time of India
Why Trump's threat is unlikely to wean India off Russian crude
AI photo NEW DELHI: Trump's latest threat is unlikely to affect India's decision to source crude from Moscow as long as it's cheaper than the alternatives. "We will go solely by the interest of our consumers and opt for the best option price-wise. If Russian crude works out cheaper than what we can get from other sources, why should we penalise our consumers?" said a senior government source who did not rule out the possibility of India exploring further discounts from Moscow in the light of Trump's threat. Sources said NSA Ajit Doval's visit to Russia, beginning Tuesday, will yield clarity on the geo-economic trilemma. The Centre has so far not made any move to wean off Indian oil refiners from Russian crude, which comes at a steep discount compared to purchases from west Asia or US. It has not just helped keep domestic pump prices lower, but also benefited European countries, which have been major buyers of diesel and jet fuel from India, sources said. Biz circles agree with Centre's criticism of Trump's latest diktat Business circles in New Delhi agreed with the Centre's criticism of Trump's latest diktat. "India's oil trade with Russia has taken place with full transparency and broad understanding with the US. One of the key reasons India stepped up Russian oil purchases was to help stabilise global oil markets after Western sanctions disrupted traditional supply chains. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 15 Most Beautiful Female Athletes in the World Click Here Undo By maintaining diversified and affordable energy access, India contributed to preventing a global oil price shock. Trump's decision to raise tariffs on India citing oil trade is not only unjustified - it ignores market realities, misrepresents trade data, and undermines a key strategic partnership in the Indo-Pacific," trade research body GTRI said in a note. Interestingly, Trump's sudden bid to arm twist India into abandoning purchase of Russian crude follows declining purchase from Moscow because of sheer logic of markets. In May, India's crude petroleum imports from Russia fell almost 10% to $9.2 billion. Trump's latest comment is expected to create fresh uncertainty among American buyers, who are in talks with Indian exporters for placing orders for the busy Christmas season. The government's firm stand on farm and dairy is seen to have come as a blow for Trump, who had gone public over a dozen times claiming that India had agreed to slash tariffs. Shaken by the govt's steadfast opposition to blocking genetically modified American corn and soybean as well as its public rebuttal of claims over the US mediating a ceasefire during Operation Sindoor have hurt Trump's claim to have brokered several peace deals - one in each month of his second term as president. During the talks, negotiators had indicated the government's willingness to step up purchases of American oil, gas, fertilizer and defence equipment to improve the trade balance which is tilted in India's favour. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
Time of India
an hour ago
- Time of India
'Crossfire Hurricane': Grand jury probe Obama-era intel for role in 2016 Trump-Russia narrative; DOJ examines conspiracy claims
Director of national intelligence Tulsi Gabbard (Image credits: AP) The justice department has convened a federal grand jury to investigate officials from former US President Barack Obama's administration, who are accused of pushing a false scandal about President Donald Trump's alleged ties to Russia during the 2016 election. The investigation could lead to criminal charges against several prominent figures from the Obama era, including former director of national intelligence James Clapper, former CIA director John Brennan, and former FBI director James Comey, according to The New York Post. The inquiry focuses on claims that these officials conspired to create and promote the Trump-Russia narrative in the early days of the FBI's 'Crossfire Hurricane' investigation. The Crossfire Hurricane probe began in July 2016, when the FBI launched an investigation into alleged connections between the Trump campaign and Russian operatives. That inquiry later led to the appointment of Special Counsel Robert Mueller, whose 2019 report acknowledged 'links' between Trump associates and Russian individuals but found no evidence of a criminal conspiracy. However, subsequent scrutiny raised concerns about the FBI's conduct, particularly the improper use of FISA warrants against Trump adviser Carter Page. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo In October 2020, then-attorney general Bill Barr appointed John Durham as special counsel to examine the origins of the probe. Recent reports have highlighted a newly uncovered annex containing intelligence that 'predicted the FBI's actions with alarming specificity,' adding weight to Republican claims that the bureau may have sought to influence the 2016 election in favor of Hillary Clinton. Trump and current director of national intelligence Tulsi Gabbard have both called for a federal investigation into the origins of the Russia probe. Trump has accused the former officials of carrying out a 'treasonous and seditious conspiracy' aimed at undermining his first-term agenda. He also acknowledged that Obama is likely immune from prosecution following a 2024 Supreme Court ruling that shields presidents from criminal charges related to official acts.
Time of India
2 hours ago
- Time of India
'Unreasonable': India hits back at Trump tirade on Russian oil
External Affairs Minister S Jaishankar (ANI file photo) In its first direct public pushback against US President Donald Trump's repeated targeting of India over trade with Russia, the Centre termed his criticism "unjustified and unreasonable". It said like any major economy, New Delhi will take all necessary measures to safeguard its national interests and economic security. In an official statement, ministry of external affairs said the US itself continues to import uranium hexafluoride for its nuclear industry, palladium for its EV industry and fertilisers as well as chemicals from Russia. The response, a rare outpouring of frustration with Trump's rants, followed another outburst by the US president in which he accused India of buying massive amounts of Russian Oil and selling it in the open market for big profits, while threatening to substantially raise tariffs on imports from India. MEA added that India's imports are meant to ensure predictable and affordable energy costs to Indian consumers and are a necessity compelled by global market situation. "...It is revealing that the very nations criticising India in trade with Russia. Unlike our case, such trade is not even a vital national compulsion," said spokesperson Randhir Jaiswal.
