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Fresh US tariff threat looms over purchase of Russian oil
Financial Express Kochi
|April 01, 2025
INDIA COULD ATTRACT additional 25% to 50% US tariffs over the purchase of Russian oil with US President Donald Trump indicating on Sunday he was upset at the progress of peace talks with Russian President Vladimir Putin and warning imposition of secondary tariffs on buyers of Russian oil if he felt Moscow was blocking his efforts to end the war in Ukraine.
India might also not receive a concession on the sweeping US reciprocal tariffs set to be imposed on April 2, as President Trump told reporters aboard Air Force One that "all countries" would face the new tariffs. This comes even as the US and India concluded their four-day talks on Saturday to determine the contours of a trade agreement.
Russia has been India's top oil import source during April-December 2024, according to data released by the ministry of commerce and industry.
This story is from the April 01, 2025 edition of Financial Express Kochi.
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