Latest news with #RussianOil
Yahoo
3 hours ago
- Business
- Yahoo
Trump announces 25% tariff on India and unspecified penalties for buying Russian oil
WASHINGTON (AP) — President Donald Trump said Wednesday that he'll impose a 25% tariff on goods from India, plus an additional import tax because of India's purchasing of Russian oil. Trump said on his Truth Social platform that India 'is our friend' but its 'Tariffs are far too high' on U.S. goods. The Republican president added that India buys military equipment and oil from Russia, which he said has enabled the war in Ukraine. As a result, he intends to charge an additional 'penalty' starting on Friday as part of the launch of his administration's revised tariffs on multiple countries. The new tariffs could put India at a disadvantage in the U.S. market relative to Vietnam, Bangladesh and, possibly, China, said Ajay Sahai, director general of the Federation of Indian Export Organisations. 'We are back to square one as Trump hasn't spelled out what the penalties would be in addition to the tariff," Sahai said. 'The demand for Indian goods is bound to be hit.' The announcement comes after a slew of negotiated trade frameworks with the European Union, Japan, the Philippines and Indonesia — all of which Trump said would open markets for American goods while enabling the U.S. to raise tax rates on imports. The president views tariff revenues as a way to help offset the budget deficit increases tied to his recent income tax cuts and generate more domestic factory jobs. While Trump has effectively wielded tariffs as a cudgel to reset the terms of trade, the economic impact is uncertain as most economists expect a slowdown in U.S. growth and greater inflationary pressures as some of the costs of the taxes are passed along to domestic businesses and consumers. Trump's approach of putting a 15% tariff on America's longstanding allies in the EU is also generating pushback — possibly causing European partners as well as Canada to seek alternatives to U.S. leadership on the world stage. French President Emmanuel Macron said Wednesday in the aftermath of the trade framework that Europe 'does not see itself sufficiently' as a global power, saying in a cabinet meeting that negotiations with the U.S. will continue as the agreement gets formalized. 'To be free, you have to be feared,' Macron said. 'We have not been feared enough. There is a greater urgency than ever to accelerate the European agenda for sovereignty and competitiveness.' Washington has long sought to develop a deeper partnership with New Delhi, which is seen as a bulwark against China. Indian Prime Minister Narendra Modi has established a good working relationship with Trump, and the two leaders are likely to further boost cooperation between their countries. The Census Bureau reported that the U.S. ran a $45.8 trade imbalance in goods with India last year, meaning it imported more than it exported. At a population exceeding 1.4 billion people, India is the world's largest country and a possible geopolitical counterbalance to China. India and Russia have close relations, and New Delhi has not supported Western sanctions on Moscow over its war in Ukraine. The new tariffs on India could complicate its goal of doubling bilateral trade with the U.S. to $500 billion by 2030. The two countries have had five rounds of negotiations for a bilateral trade agreement. While U.S. has been seeking greater market access and zero tariff on almost all its exports, India has expressed reservations on throwing open sectors such as agriculture and dairy, which employ a bulk of the country's population for livelihood, Indian officials said. When Trump in February met with Modi, the U.S. president said that India would start buying American oil and natural gas. Trump discussed his policies on trade and tariffs with reporters accompanying him Tuesday on the flight home following a five-day visit to Scotland. He declined to comment then when asked about reports that India was bracing for a U.S. tariff rate of at least 25%, saying, 'We're going to see.' Trump also said the outlines of a trade framework with India had not yet been finalized. Once back at the White House on Tuesday, Trump indicated that there were no plans to announce new tariff rates on Wednesday, a claim that turned out to be inaccurate. __ Roy reported from New Delhi. Samuel Petrequin contributed to this report from Paris. Solve the daily Crossword
Daily Telegraph
5 days ago
- Business
- Daily Telegraph
Campaigners say tanker carrying Russian oil to dock in WA
Don't miss out on the headlines from Breaking News. Followed categories will be added to My News. A tanker purportedly full of Russian oil is set to dock in Western Australia within days, despite sanctions being in place against Moscow, Ukrainian and anti-Russian oil campaigners According to DFAT, the 'import, purchase or transport' of several goods is prohibited 'if they were exported from, or originated in, Russia'. That includes oil and petroleum products. The ship Seferis left Sika in India two weeks ago full of oil from the Jamnagar refinery, and it is due to arrive in the outer-Perth suburb of Kwinana by 4am Sunday. The Jamnagar refinery is notoriously fed by Russian crude oil, with as much as 55 per cent of their 2025 stock coming from the European pariah. This means the imported oil, which originated in Russia, could end up fuelling Australian vehicles on the road. Anti-Russian oil campaigners allege this ship is full of covertly imported Russian oil The alarm has been raised about a 'loophole' that allows Russian oil to be bought and sold in Australia, with local campaigners and parliamentarians calling for immediate action. Independent federal MP Andrew Wilkie raised the issue in Question Time on Thursday, asking the Defence Minister Richard Marles 'Why are the loopholes in our sanctions so big you can drive a tanker through them?' 'In July, two vessels reportedly docked in Botany Bay, with some 175,000 tonnes of petrol from the Jamnagar refinery in India, which uses up to 55 per cent Russian oil,' Mr Wilkie said. 'So these vessels effectively carry some 90,000 tonnes of Russian-sourced petrol, paid for by Australians, which will help fund Putin's war in Ukraine.' Independent MP Andrew Wilkie questioned the government about the 'loophole'. Picture: NewsWire / Martin Ollman Mr Marles largely avoided the question instead focusing on the sanctions that had been put in place. 'Sanctions, which is the topic of the question the member has asked, is an important part of what we are putting in place to stand with Ukraine,' Mr Marles said. 'And our government will stand with Ukraine. 'I know the Australian people will stand with the people of Ukraine for as long as it takes for Ukraine to resolve this conflict on its terms.' The loophole has recently been closed in the European Union, which has banned the importation of petroleum products refined form Russian crude oil in its 18th sanctions package against Russia. Defence Minister and Deputy Prime Minister Richard Marles defended Australia's sanctions. NewsWire / Simon Bullard. The Australian Federation of Ukrainian Organisations has urged Australia to take similar action. 'This decisive action closes a glaring and deeply exploited loophole that has allowed Russian crude to enter global markets through refineries in third-party countries – undermining sanctions and fuelling the Kremlin's war machine. 'We urge the Australian government to take similar action and close this loophole in Australia's own sanctions regime. 'Since February 2023, Australia has imported an estimated $3.7bn worth of Russian crude, as a component in refined petroleum products from Indian refineries – sending around $1.8bn in tax revenue to the Kremlin. 'This flow of profits directly helps fund Russia's brutal war against Ukraine.' Originally published as Tanker carrying Russian oil set to dock in WA despite sanctions, campaigners say
CTV News
5 days ago
- Business
- CTV News
Trump unlikely to enforce tariff threat on Russian oil: analysis
Russian President Vladimir Putin gestures while speaking outside Sochi, Russia, on Monday, May 19, 2025. (Alexander Kazakov, Sputnik, Kremlin Pool Photo via AP) WASHINGTON -- U.S. President Donald Trump is unlikely to follow through on his threat to place 100% tariffs on countries that buy Russian oil because it would worsen politically-damaging inflation pressures and his similar threat against buyers of Venezuelan oil has had limited success, especially in China. Trump said this month he would put 100% secondary tariffs on countries that buy Russian exports unless Moscow agrees to a major peace deal with Ukraine in 50 days, a deadline that would expire in early September. The threat mirrored an announcement in March that the U.S. would slap tariffs on buyers of sanctioned Venezuelan oil. No such tariffs have been imposed since, even though Venezuela's exports of oil have jumped. 'We find that secondary tariffs may be too blunt of an instrument for the administration to use,' on Russia, said Fernando Ferreira, the director of geopolitical risk service at consultancy Rapidan Energy Group. 'If you're willing to go with the nuclear option by removing 4.5 plus million barrels a day from the market, and you're willing to cut off commercial ties with other countries because they're importing Russian oil, you're going to risk massive oil price spikes and a meltdown of the global economy.' Clay Seigle, senior fellow and James Schlesinger chair in energy and geopolitics at the Center for Strategic and International Studies, said that if the 100% tariff is fully enforced on countries that receive Russian barrels, it has the potential to cut global supplies and drive prices higher. Analysts and traders are deeply skeptical that Trump will allow that to happen for two reasons, Seigle said. 'First, he is very sensitive to high oil prices and will want to avoid that outcome.' Second, Trump prefers consummating bilateral deals more than adhering to any strict formulas that would tie his hands in negotiations. 'Some U.S. trade partner nations may, just like oil traders, dismiss this as grandstanding,' Seigle said. On July 16, two days after issuing the tariff threat, Trump said the oil price of $64 a barrel was a great level, that his administration was trying to get it down a little bit more, and the low level was 'one of the reasons that inflation's in check.' Since then oil prices CLc1 have stayed in the mid-$60s range, shrugging off the threat of imminent supply disruptions. Seigle said Trump's existing trade war, particularly his tariffs on steel, could push commodity prices higher for oil drillers in the United States, the world's top crude producer. That could raise prices for oil just as the midterm U.S. Congress elections get underway next year. Trump's Republicans hold razor-thin majorities in both the U.S. House and Senate and the president will likely avoid actions that spike oil prices during the campaigns, the analysts said. White House spokesperson Anna Kelly said Trump has proven he follows through on his promises. 'He has been extremely tough on (Russian President Vladimir) Putin and smartly left all options on the table while leaving existing sanctions in place – and recently threatened Putin with biting tariffs and sanctions if he does not agree to a ceasefire.' The Treasury Department, which administers sanctions, said it was ready to act. 'As President Trump announced, Russia has 50 days to agree to a deal to end the war, or the U.S. is prepared to implement biting secondary sanctions,' a spokesperson said. Hesitancy to target Russia The Trump administration's lax enforcement of the 25% tariff threat in March on buyers of Venezuelan oil and the failure so far to impose effective energy sanctions on Russia are two other reasons why market participants are skeptical. China, Venezuela's top oil customer, has been adapting to U.S. sanctions on the oil exports since they were imposed in 2019. Over the last year, China has been buying more than $1 billion of Venezuelan oil rebranded as Brazilian, according to tanker tracking companies. Venezuela's exports surged in June as the loss of U.S. and European buyers was offset by cargoes sent to China. Indian oil refiners, major buyers of Russian crude, do not believe that Trump will follow through on the threat, and there are no plans to stop purchases of Russian oil, three sources at Indian refiners said. India's imports of Russian oil rose about 1% in the first half of this year, with refiners Reliance Industries and Nayara Energy making almost half of the overall purchases from Moscow, according to data provided by sources. Oil Minister Hardeep Singh Puri, however, said the world's third-largest oil importer and consumer was confident of meeting its needs using alternative sources if Russian supplies are hit. Trump's Treasury Department has designated about 19 Russian nationals since January 20 under counter-terrorism, cyber, and North Korea sanctions programs, actions mostly not related to the war in Ukraine, said Jeremy Paner, a partner at law firm Hughes Hubbard & Reed and former Treasury Department sanctions investigator. By comparison, the U.S. has designated about 75 Iranian nationals and entities and imposed 109 such measures on China since Trump began his second term, he said. 'Based on the administration's apparent hesitancy to target Russia through trade sanctions, I do not see the Russian oil tariff threat as particularly effective,' Paner said. Action is also not likely to come from Congress even though the U.S. Senate has strong bipartisan support for a bill that would impose 500% tariffs on buyers of Russian oil. The Senate's Republican leaders are waiting for Trump's go-ahead and have given no indication that they intend to take up the bill before they leave Washington for the August recess. Even if the bill passes, it will likely allow the president to waive tariffs, letting lawmakers claim they are tough on Russia but rendering the legislation mostly symbolic. 'It all makes sense from a political messaging perspective, but from the perspective of what's needed for the legal authority on sanctions, it's a bit of a head scratcher,' Paner said. Reporting by Timothy Gardner; additional reporting by Patricia Zengerle in Washington, Nidhi Verma in New Delhi and Siyi Liu in Singapore; Editing by Marguerita Choy, Reuters
Zawya
23-07-2025
- Business
- Zawya
Nigeria's Dangote warns cheap Russian oil products threaten African refineries
LAGOS: Nigerian billionaire Aliko Dangote has warned discounted Russian petroleum products are pouring into African markets and risk undermining the continent's emerging refining industry. Dangote, who has been ramping up Africa's largest refinery - a $20 billion facility with an initial capacity of 650,000 barrels per day on the outskirts of Lagos - has struggled to secure crude supplies locally even as he aims to expand the capacity to 700,000 bpd. "We are now increasingly facing the dumping of cheap, often toxic petroleum products, some of which are blended to substandard levels that would never be allowed in Europe or North America," Dangote said at an oil conference in Abuja. He attributed this trend to Western sanctions on Russian oil, which have prompted Moscow to offer steep discounts to alternative markets, including Africa. Russia's energy ministry did not immediately respond to a request for comment. Dangote also expressed concern about the Lomé floating oil market off the coast of Togo, which is dominated by international traders. With over 2 million barrels of stored petroleum products, Lomé has become a key hub for fuel imports and Dangote warned it could undermine Africa's refining efforts. Despite Africa producing around 7 million barrels of crude oil per day, only 40% of its consumption is refined locally. The continent still imports over 120 million metric tons of refined products annually. Dangote's refinery, which began operations last year, has started exporting petrol, with exports reaching 1 million tons since June. However, he said local producers faced stiff competition from international traders who exploited regulatory gaps and inconsistent fuel standards across African countries. To protect the domestic industry, Dangote urged African governments to adopt measures employed in the United States, Canada, and Europe, such as tariffs and emissions caps. Despite Dangote's concerns, Africa remains a small market for Russian oil products compared to major buyers like Turkey and Brazil. In June, Russian diesel and gasoil exports to African countries dropped 30% from the previous month, totalling about 0.7 million tons. Morocco, Tunisia, Togo, and Egypt were among the largest importers, according to shipping data. Additionally, some vessels loaded in May with about 230,000 tons of Russian diesel had their destinations marked as "for orders," indicating that final discharge points were not declared or not yet determined. (Reporting by Isaac Anyaogu. Editing by Mark Potter)
Reuters
22-07-2025
- Business
- Reuters
US energy chief says sanctioning Russian oil to end Ukraine war a possibility
WASHINGTON, July 22 (Reuters) - U.S. Energy Secretary Chris Wright said on Fox News on Tuesday that sanctioning Russian oil to end the Ukraine war is a "very real possibility." President Donald Trump said this month that Washington could put 100% tariffs on buyers of Russian oil and impose other sanctions if Moscow does not agree to a major peace agreement with Ukraine, a deadline that ends in early September. "It is huge pressure on Russia," Wright said in an interview on Fox News' "Special Report with Bret Baier." "That's the biggest pressure you can put on them," Wright said. The U.S. is the world's top producer of oil and gas, a position Wright said means the U.S. can take action that was previously unthinkable. "We're able to do things that we couldn't do before," he said. Despite that position, the Trump administration has not yet put major oil sanctions on Russia, preferring to impose them on OPEC producer Iran since the president took office for a second time in January.
