Trump threatens India over Russian oil

U.S. President Donald Trump continues to threaten India over tariffs due to its oil purchases from Russia. Trump announced that if India continues to buy oil from Russia, he will significantly increase the 25 percent tariff currently applied to products imported from India within 24 hours. Claiming that India is "fueling" the war in Ukraine by purchasing oil from Russia, Trump stated that India's offer of "zero tariffs" on U.S. goods is not enough.

In a statement to the U.S. press, Trump said, "They are fueling the war machine, and if they continue to do that, I will not be happy." Emphasizing that the main point of contention with India is high tariffs, Trump said, "India has given up the highest tariffs ever; they will apply zero tariffs to us and allow our imports. But that is not enough, because what they are doing regarding oil is not good."

"WE ARE STABILIZING PRICES"

A source from the Indian government argued that oil purchases from Russia alleviate pressure on supply from other regions and help stabilize global oil prices. India, the world's third-largest oil importer and consumer, sources more than one-third of its required oil from Russia.

The source stated, "If we stop buying Russian oil, who will replace these barrels to maintain balance and prevent prices from skyrocketing? We do not want a repeat of the situation in 2022 when prices rose to 137 dollars per barrel."

India imported an average of 1.75 million barrels of oil per day from Russia in the January-June period of this year. This figure represents a 1 percent increase compared to the same period last year. Despite Western pressure to keep its distance from Russia, India continues to resist this pressure, citing its long-standing ties with Moscow and its economic needs.

On the other hand, Trump had announced that if Russia does not take steps to end the war with Ukraine, he would impose new sanctions on Russia and countries importing from Russia starting August 8.