US deal may cut tariff to 15%, trim Russian oil purchase

On energy, the Indian side is considering allowing US ethanol and gradually reducing purchases of Russian oil, with Washington expected to extend concessions on energy trade in return, said the first of the three officials cited above.

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India, on average, imports $12-13 billion worth of crude oil and gas from the US every year.

(BLOOMBERG)

The Indian side may not make any formal announcement on this front. Instead, state-run oil marketing companies are expected to be informally advised to diversify crude sourcing towards the US, this person said.

Queries emailed to Union commerce minister Piyush Goyal, commerce secretary Rajesh Agarwal, the spokespersons of ministries of commerce and external affairs, and the USTR remained unanswered till press time.

In response to a media query, the US Embassy in New Delhi said, “The embassy defers to the USTR on all inquiries regarding trade negotiations.”