Trump promises to keep "massive" tariffs on India until it stops importing Russian oil – Reuters

US President Donald Trump has stated that India will continue paying "massive" tariffs on its exports to the US until it stops buying Russian oil.

Source: Reuters

Details: Speaking to journalists on board Air Force One on Sunday 19 October, Trump said he had had a conversation with Indian Prime Minister Narendra Modi, who supposedly assured him that India would stop importing Russian oil.

"I spoke with Prime Minister Modi of India, and he said he's not going to be doing the Russian oil thing," Trump stated.

When asked about Indian authorities denying that such a conversation took place, the US president replied: "If they want to say that, then they'll just continue to pay massive tariffs, and they don't want to do that."

Imports of energy from Russia remain one of the main points of tension in trade negotiations between Washington and New Delhi. Half of the 50 percent tariffs imposed by Trump's administration on Indian goods were a response to Russian oil purchases.

Background:

• On Wednesday 15 October, Trump first claimed that Modi had assured him that India would halt purchases. In response, India's Ministry of External Affairs said it was not aware of any phone call between the leaders that day. On Thursday, a White House official tried to smooth the situation, stating that India had halved its Russian oil purchases, but Indian industry sources denied this.
• Moreover, data points to the opposite trend. According to Kpler, a company specialising in commodity market analysis, Russian oil imports to India are actually expected to rise by around 20 percent in October, reaching 1.9 million barrels per day. Industry sources also noted that Indian refineries had placed orders for November and partially for December, so any potential reduction in imports, if it occurs, may not become noticeable until December or January.

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