Overview
- Speaking to reporters aboard Air Force One, President Donald Trump said tariffs on Indian goods could be raised "very quickly" if New Delhi does not further curb imports of Russian crude and added that Prime Minister Narendra Modi knew he was unhappy about the purchases.
- U.S. duties on many Indian exports were doubled in 2025 to as high as 50%, including a 25% penalty explicitly linked to India’s Russian oil buying, and those measures remain in place.
- Negotiations continue without a deal, with India asking refiners to file weekly disclosures on Russian and U.S. crude purchases as people familiar with the talks expect Russian imports to fall below 1 million barrels per day.
- Signals on India’s buying are mixed, with official data showing a November rise in Russian oil by value while analytics firm Kpler reported a December decline and a major private refiner indicating no Russian deliveries this month.
- Senator Lindsey Graham backed legislation to allow tariffs of up to 500% on buyers of Russian energy, while India’s opposition criticized the government over repeated U.S. tariff threats and officials offered no immediate response to Trump’s latest warning.