The new US tariffs on imports from India because of its oil transactions with Russia have come into force. The United States has been raising an additional surcharge of 25 percent this Wednesday on products from the South Asian country, as can be seen from a document in the US federal register. US President Donald Trump ordered the step in early August. The customs rate imposed under Trump’s government for India is doubled to 50 percent.
Trump wants to further weaken the economic basis of the Kremlin with the new tariffs. India was the second largest buyer of Russian fossil fuels in June after China. Russia has been waging a war against Ukraine for more than three years and keeps its war machinery running, especially that it sells its raw materials, especially fossil fuels such as oil and gas.
So far, Russia continues to deliver oil to India
According to Moscow, Trump’s announcement of the tariffs has so far missed her goal. “We continue to deliver fuel (to India), including crude oil and oil products, heating and hut coal,” said Russia’s 1st head of vice regulation Denis Manturow recently at a common Russian-Indian government. He also sees potential when expanding the export of liquefied gas, he added.
Only last week, India’s Foreign Minister Subrahmanyam Jaishankar Moscow visited and was welcomed by President Vladimir Putin in the Kremlin. There are media reports that India wants to reduce Russian oil deliveries. Officially, Delhi repeatedly emphasized that it would further obtain its raw materials from where it was cheap. Russia has to sell its oil with a discount – also because of the western sanctions.
India as a trading partner also important for the USA
Last year India was one of the most important trading partners in the United States. Among the most exported goods from the USA to India were also oil and gas.