Moscow, Sept 3: The price of Russian oil has dropped by $3–$4 per barrel for India. Russia’s Ural crude for September and October is being offered at a discount.Last week, the Trump administration doubled India’s tariffs to 50%. This was to punish India for buying Russian oil, which is helping Russia in the Ukraine war.
India became a major importer of Russian crude in 2022. Despite US criticism, India has strengthened ties with Moscow and Beijing. At the Shanghai Cooperation Organisation summit, Prime Minister Modi called Russia and India’s relationship “special.” He also met Chinese President Xi Jinping, and both countries said they are partners, not rivals.
White House advisor Peter Navarro criticized India. He said India buys cheap Russian oil, refines it, and sells it at higher prices to other countries, fueling the Russian war effort.