India's Shift Away from Russian Oil Amid US Tariffs
US Treasury Secretary Scott Bessent stated that India halted purchasing oil from Russia after President Trump imposed a 25% tariff. A proposed 500% tariff on secondary Russian oil purchases is under consideration. India, recently a major buyer of discounted Russian crude, condemned the US action as unreasonable.
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In a surprising move, US Treasury Secretary Scott Bessent announced that India has ceased purchasing oil from Russia. This decision follows a hefty 25% tariff imposed by President Donald Trump on countries buying oil from Moscow.
Despite India's prominence as a major buyer of Russian crude, the imposition of tariffs by Trump has dramatically impacted this trade dynamic. India labelled these tariffs as 'unfair, unjustified, and unreasonable,' emphasizing that its energy policies prioritize national interests.
Meanwhile, Senator Lindsey Graham has introduced a bill proposing a 500% tariff on secondary purchases of Russian oil. This proposal is gaining strong support in the Senate, though Bessent suggests Trump could take action without additional Senate authority, potentially intensifying the geopolitical oil market tension.
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