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India.com
an hour ago
- India.com
Russia Has ‘Lost An Oil Buyer India, Amid Sanctions Pressure: Claims Trump
New Delhi: US President Donald Trump, in an interview, stated that Russia has lost India as an oil client, as he addressed the economic dimension of Russian President Vladimir Putin's decision to engage in negotiations. While speaking with Fox News, when questioned about the economic factors influencing Putin's approach to talks, Trump highlighted India's role, saying, 'Well, they lost an oil client, so to speak, which is India, which was doing about 40% of the oil. China, as you know, is doing a lot… and if I impose secondary sanctions, it would be devastating from their standpoint. If I have to do it, I'll do it; maybe I won't have to,' he remarked during the interview aboard Air Force One. Trump's comments come in the wake of his recent decision to impose a 50% tariff on Indian imports, citing New Delhi's ongoing oil trade with Russia. Just days earlier, on 7 August, the US President had announced an additional 25% tariff on India and hinted that further 'secondary sanctions' might follow in relation to the same issue. When asked why India was being singled out for additional sanctions, despite other nations such as China also purchasing Russian oil, Trump responded, 'It's only been eight hours. So let's see what happens. You're going to see a lot more… You're going to see so many secondary sanctions.' He also hinted that US administration could impose "more" similar sanctions on China. On being asked, 'On the Indian penalties, do you have any similar plans to enact more tariffs on China', US President Donald Trump says, "Could happen. Depends on how we do. Could happen." US President Donald Trump last week signed an Executive Order imposing an additional 25 per cent tariff on imports from India. According to the order issued by the White House, Trump cited matters of national security and foreign policy concerns, as well as other relevant trade laws, for the increase, claiming that India's imports of Russian oil, directly or indirectly, pose an "unusual and extraordinary threat" to the United States. After the order, the total tariff on Indian goods will be 50 per cent. While the initial duty comes into effect on August 7, the additional levy will come into effect after 21 days and will be imposed on all Indian goods imported into the US, except for goods already in transit or those meeting specific exemptions. Following this announcement, the Ministry of External Affairs (MEA), in its response, termed the US's move as "unfair, unjustified and unreasonable", declaring that New Delhi will take "all actions necessary to protect its national interests." In an official statement, the MEA said, "The United States has in recent days targeted India's oil imports from Russia. We have already made clear our position on these issues, including the fact that our imports are based on market factors and done with the overall objective of ensuring the energy security of 1.4 billion people of India." "It is therefore extremely unfortunate that the US should choose to impose additional tariffs on India for actions that several other countries are also taking in their own national interest," the statement added. "We reiterate that these actions are unfair, unjustified, and unreasonable. India will take all actions necessary to protect its national interests," the MEA stressed.
India.com
an hour ago
- India.com
S&P Global Upgrades Credit Ratings On 10 Indian Financial Institutions
New Delhi: In yet another significant development, the S&P Global Ratings has upgraded long-term issuer credit ratings on seven Indian banks and three non-banking financial companies (NBFCs). The banks are State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Union Bank of India, Indian Bank, and Kotak Mahindra Bank and the NBFCs are Bajaj Finance, Tata Capital and L&T Finance. The ratings of the 10 financial institutions have been upgraded from 'BBB-/Positive/A-3' to 'BBB/Stable/A-2'. The action comes after the global ratings agency raised sovereign credit rating on India. This marks the country's first sovereign upgrade by S&P in 18 years, the previous one being in 2007 when India was elevated to investment grade at BBB-. In May 2024, the agency revised its outlook on India from 'Stable' to 'Positive'. India's financial institutions will continue to benefit from the country's strong economic growth momentum, according to S&P Global. It expects India's banks to maintain adequate asset quality, good profitability, and enhanced capitalisation over the next 12-24 months. This is despite some pockets of stress. Along with raising the long-term issuer credit ratings of the 10 aforementioned financial institutions, S&P Global Ratings also revised upward its assessment of the stand-alone credit profiles (SACP) of seven of these entities – SBI, Axis Bank, Kotak Mahindra Bank, Union Bank of India, Indian Bank, Tata Capital and L&T Finance. The ratings on many Indian financial institutions are capped by our sovereign rating on India. This is due to the direct and indirect influence that the sovereign has on financial institutions operating in the country, S&P said. On Thursday, S&P Global Ratings had also raised credit ratings on Oil and Natural Gas Corp. Ltd. (ONGC), Power Grid Corp. of India Ltd., NTPC Ltd., and Tata Power Co. Ltd. to 'BBB' from 'BBB-' with outlooks as stable.
Hans India
an hour ago
- Hans India
US may not impose additional 25 pc tariffs on India over Russian oil, hints Trump
New Delhi: The Donald Trump administration may not impose secondary tariffs on India over purchasing Russian energy, as the US President said that Russia has already lost a key oil client. Speaking to Fox News aboard Air Force One en route to Alaska, Trump said the US may not impose secondary tariffs on countries continuing to buying Russian crude oil. "Well, he (Vladimir Putin) lost an oil client, so to speak, which is India, which was doing about 40 per cent of the oil. China, as you know, is doing a lot…,' said Trump. 'And if I did what's called a secondary sanction, or a secondary tariff, it would be very devastating from their standpoint. If I have to do it, I'll do it. Maybe I won't have to do it,' he added. The secondary 25 per cent tariffs on India are likely to come into effect from August 27. Earlier this week, US Treasury Secretary Scott Bessent said if 'things don't go well' between Trump and Putin at the Alaska summit, then secondary sanctions on India for purchasing Russian oil could go higher. Meanwhile, the government has already said the targeting of India is unjustified and unreasonable. 'Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,' it said. The fact is that India has sharply increased its purchases of oil and gas from America. This, in turn, has led to a reduction in India's trade surplus with the US, which is a major aim of the Trump administration's trade policy. Official figures show that India's oil and gas imports from the US have jumped by as much as 51 per cent from January to June this year. The country's liquefied natural gas (LNG) imports from the US nearly doubled to $2.46 billion in the financial year 2024-25 from $1.41 billion in 2023-24. Prime Minister Narendra Modi had assured in February that India would increase energy imports from the US to $25 billion in 2025 from $15 billion in 2024 to help reduce the trade deficit of the US. This was followed by Government-owned Indian oil and gas companies entering into discussions for more long-term energy purchases from the US companies. New Delhi has also made it clear that it was diversifying its sources of energy imports to reduce dependence on Russian oil. New Delhi has also made it clear that India and the US share a very important strategic relationship that goes beyond trade.
