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4h ago

Trump Threatens Higher Tariffs Unless China and India End Russian Oil Purchases

Tariff threats aim to undercut Kremlin war financing by targeting oil sales to China, India.

ARCHIVO - Un petrolero, en el complejo de Sheskharis, que pertenece a Chernomortransneft JSC, una filial de Transneft PJSC, en Novorossiysk, Rusia, el 11 de octubre de 2022, unas de las mayores instalaciones de petróleo y productos derivados en el sur de Rusia. (AP Foto, archivo)
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Overview

  • President Trump has demanded that China and India stop importing discounted Russian oil to deprive Moscow of funds for its war in Ukraine.
  • He warned of substantial tariff hikes on Indian exports, extending a current 10% surcharge that is set to rise to 25% later this week.
  • Beijing and New Delhi have refused to yield, citing the economic benefits and energy security provided by crude priced below Brent.
  • Since the EU embargo on Russian maritime crude in January 2023, China and India have bought more than $219.5 billion and $133.4 billion worth of Russian energy products respectively.
  • Russia has sidestepped the G7 price cap through a “ghost fleet” of older tankers and non-sanctioning insurers and is projected to earn about $153 billion from oil exports in 2025.