Overview

• On August 2, India’s Ministry of External Affairs publicly reaffirmed its decision to keep buying discounted Russian crude despite President Trump’s recent threat of a 25 percent tariff on Indian exports.
• Spokesman Randhir Jaiswal described relations with Russia as “stable and proven” and said long-term contracts and market availability dictate India’s energy procurement.
• President Trump issued a 50-day ultimatum on July 14 threatening 100 percent duties on Russian energy and followed up with a warning of a 25 percent tariff on Indian goods if crude purchases continue.
• After Russia’s 2022 invasion of Ukraine, Western sanctions redirected Moscow’s discounted oil to New Delhi, reshaping India’s sourcing away from the Middle East.
• India now imports nearly 88 percent of its roughly 5.5 million barrels per day consumption and has seen Russian supplies climb to account for almost 40 percent of its total imports at peak.