Latest news with #2024ConferenceonDiversityinInternationalAffairs
NDTV
05-08-2025
- Business
- NDTV
US Wanted India To Buy Russian Oil When Ukraine War Started. What Changed
Washington: Amid US President Donald Trump's increasing threats to India over its purchases of Russian oil and New Delhi's pushback, an old comment by former US Ambassador to India, Eric Garcetti, has resurfaced, highlighting the US administration's self-contradictory stance on the issue. In a now-viral video, Garcetti can be heard admitting that it was Washington that had encouraged New Delhi to buy oil from Moscow at a price cap to stabilise global prices. Garcetti made the remarks during the 2024 Conference on Diversity in International Affairs, where he said India's move was part of America's "design of the policy". "They bought Russian oil because we wanted somebody to buy Russian oil at a price cap. That was not a violation or anything. It was actually the design of the policy because, as a commodity, we didn't want the oil prices going up, and they fulfilled that," he said. Throwback: Garcetti Claimed India Did What it Was Told & Bought Russian Oil The former US ambassador to India mustering all his neo-colonial powers to suggest America ORDERED India to start buying Russian oil. How does that look right now? 👀😂 — RT_India (@RT_India_news) August 5, 2025 He claimed that the US were happy India "fulfilled" the order to buy sanctioned Russian oil, calling it one of the "smaller victories" they had in 'guiding' India to American goals. At the time, Garcetti's comments had sparked a row, with the US Department of the Treasury issuing a statement saying Washington had not asked India to stop importing crude oil from Russia. Other Times When The US Encouraged India's Russian Oil Purchase But Garcetti's remarks were not the stand-alone instance when America had openly encouraged and supported India's oil trade with Russia. In November 2022, the then US Treasury Secretary, Janet Yellen, had said Washington was happy for India to continue buying as much Russian oil as it wants, including at prices above a G7-imposed price cap mechanism, if it steers clear of Western insurance, finance and maritime services bound by the cap. In an interview with news agency Reuters, she noted that the cap would still drive global oil prices lower while curbing Russia's revenues. She also noted that Moscow would not be able to sell as much oil as it does now once the European Union halts imports without resorting to the capped price or significant discounts from current prices. "Russia is going to find it very difficult to continue shipping as much oil as they have done when the EU stops buying Russian oil," Ms. Yellen said. "They're going to be heavily in search of buyers. And many buyers are reliant on Western services." In February 2024, then US Assistant Secretary of State for Energy Resources Geoffrey R. Pyatt noted that New Delhi had informed Washington that its plentiful purchases of Russian oil since the start of the Ukraine war had served the twin objectives of keeping global crude prices under check while serving its own citizens with affordable fuel. "On Russian oil, this was a big part of my conversation with Minister Puri. We both agreed - and I said the same thing at much greater length on my visit to India last year. India has played a key role in our effort to stabilise global energy markets in the face of the extraordinary destabilisation caused by Vladimir Putin's brutal invasion of Ukraine and his weaponisation of his oil and gas resources," Pyatt had said. Why India Buys Russian Oil India has become the biggest buyer of seaborne crude from Russia-- which is under Western-led sanctions over its war in Ukraine-- since Moscow launched a full-scale invasion of Ukraine, providing a much-needed export market for Moscow after it was cut off from traditional buyers in Europe because of the war. That has drastically reshaped energy ties, with India saving itself billions of dollars while bolstering Moscow's coffers. Between January and June 2025, Indian refiners imported about 1.75 million barrels per day of Russian oil, up 1 per cent from a year ago. Russia contributed over 35 per cent of India's total crude imports in 2023. The move helps New Delhi manage inflation and cut import bills. What Trump Wants From India US President Donald Trump has threatened to hike US tariffs on goods from India over its purchases of Russian oil. Trump's heightened pressure on India comes after he signalled fresh sanctions on Moscow if it did not make progress by Friday towards a peace deal with Kyiv, more than three years since Russia's invasion. Moscow is anticipating talks this week with the US leader's special envoy Steve Witkoff, who is expected to meet President Vladimir Putin. On Monday, Trump said in a post to his Truth Social platform that India was "buying massive amounts of Russian Oil" and selling it for "big profits." "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," Trump added, without providing details on what tariff level he had in mind. India's Pushback New Delhi quickly pushed back, saying the move was unjustified and vowing to protect its interests. Even before the threat, an existing 10 per cent US tariff on Indian products is expected to rise to 25 per cent this week. "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," India Foreign Ministry spokesman Randhir Jaiswal said in a statement after Trump's announcement. India has argued it "began importing from Russia because traditional supplies were diverted to Europe after the outbreak of the conflict." India is not an export powerhouse, but the United States is its largest trading partner. What Trump Actually Wants At the heart of Trump's pressure campaign against India is his goal to boost American oil exports. Trump's second presidential campaign was heavily backed by US fossil fuel giants, and his latest tax package offers nearly $18 billion in new incentives for the oil and gas sector, according to a report by The New York Times. India is already a big customer of US products, and Trump seems to be using tariffs as leverage to push for more. Since Trump came to power in January, US crude shipments to India surged over 50 per cent, now making up 8 per cent of India's oil imports, according to the US Energy Information Administration. If India starts buying more American oil and LNG, it will further strengthen US energy clout and help Trump's backers profit.
News18
05-08-2025
- Business
- News18
'We Wanted It': Ex-US Envoy's 2024 Remark Backing India's Russian Oil Imports Surface
Last Updated: The video resurfaced after US President Donald Trump on Monday threatened to "substantially" increase tariffs on India over its continued imports of Russian crude. A video of former US Ambassador to India, Eric Garcetti, lauding New Delhi's purchase of Russian oil in 2024 has resurfaced on social media, intensifying the debate over Washington's current stance on the issue. US President Donald Trump on Monday threatened to 'substantially" increase tariffs on Indian exports to the US over its continued imports of Russian crude. In the widely circulated video, Garcetti is heard saying, 'They (India) bought Russian oil because we wanted somebody to buy Russian oil at a price cap. That was not a violation or anything. It was actually the design of the policy because, as a commodity, we didn't want the oil prices going up, and they fulfilled that." The remarks were made during the 2024 Conference on Diversity in International Affairs while he was serving as the US Ambassador to India. 'India brought Russian Oil, because we wanted somebody to buy Russian oil…", says US ambassador Garcetti on India buying Russian oil ; Adds,'no Price Cap violation, we did not want oil prices to go up..' — Sidhant Sibal (@sidhant) May 11, 2024 On Monday, Trump criticised India, accusing it of profiting from discounted Russian oil and reselling it in global markets. He pledged to impose higher tariffs on New Delhi. The US President had on August 1 signed an executive order titled 'Further Modifying the Reciprocal Tariff Rates', enforcing a 25 per cent duty on Indian imports. MEA Exposes West The Government of India issued a firm response on Monday, rejecting the accusations and calling the tariff threat 'unjustified and unreasonable." The Ministry of External Affairs (MEA) noted that India's energy imports from Russia were not only well within international norms but were also previously encouraged by the US itself. 'India has been targeted by the United States and the European Union for importing oil from Russia after the commencement of the Ukraine conflict. In fact, India began importing from Russia because traditional supplies were diverted to Europe after the outbreak of the conflict. The United States at that time actively encouraged such imports by India for strengthening global energy markets stability," the MEA said. India also defended its oil strategy as an economic necessity rather than a political stance. 'India will take all necessary measures to safeguard its national interests and economic security," the MEA asserted. The government further highlighted what it described as 'double standards," pointing to ongoing US and EU trade with Russia. In 2024, EU imports of Russian LNG reportedly reached 16.5 million tonnes, while the US continued to import critical materials, including uranium, palladium, and fertilisers, from Russia. India's Russian crude imports have surged from just 0.2 per cent of total imports before the Ukraine war to over 35 per cent, making Russia its largest oil supplier. The MEA clarified that this shift was driven by global market dynamics, particularly the redirection of Middle Eastern supplies to Europe. Trump's rhetoric, including his claim that 'India and Russia could take their dead economies down together," has also drawn sharp criticism from New Delhi, which emphasised that India remains the world's fastest-growing major economy. As debate continues over trade and energy ties, the viral video of Garcetti appears to underscore the contradiction between the current US administration's tough posture and its earlier policy encouragement. About the Author Ronit Singh Ronit Singh, Senior Sub-Editor at works with the India and Breaking News team. He has a keen focus on Indian politics and aims to cover unexplored angles. Ronit is an alumnus of Christ (Deemed to More Get breaking news, in-depth analysis, and expert perspectives on everything from geopolitics to diplomacy and global trends. Stay informed with the latest world news only on News18. Download the News18 App to stay updated! First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
