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39m ago

U.S.–India Talks Gain Pace as Washington Presses New Delhi on Russian Oil

Officials on both sides signal progress toward a near-term trade outcome under a tariff standoff tied to Russian oil.

EAM S. Jaishankar at G20 Foreign Ministers’ Meeting in New York | Image: @DrSJaishankar
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Overview

  • Commerce Minister Piyush Goyal met U.S. Trade Representative Jamieson Greer during UNGA week, with Indian and U.S. officials describing the negotiations as constructive and targeting clarity within weeks.
  • Punitive U.S. duties remain in force at roughly 50% on many Indian goods, including a 25% penalty linked to India’s continued purchases of Russian crude.
  • Energy Secretary Chris Wright urged India to stop buying Russian oil and buy from other suppliers, while Treasury Secretary Scott Bessent predicted India would gradually reduce those purchases and criticized Europe’s role in refined products trade.
  • India signaled it will increase energy trade with the United States and pressed for trade not to be weaponised, as S. Jaishankar cautioned that punitive measures on energy do not advance peace.
  • People familiar with the talks said Indian officials indicated that meaningful cuts to Russian crude would depend on U.S. permission to buy sanctioned Iranian and Venezuelan oil.