Indian State-Run Refiners Resume Russian Oil Imports Despite U.S. Tariff Threat
Bloomberg reported on August 20 (local time) that Indian state-run oil refiners, which had suspended imports of Russian crude oil under pressure from the United States to impose tariffs, have resumed their purchases.
Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and other Indian state-run refiners recently purchased Russian Urals crude oil over the past two days. According to sources familiar with the matter, shipments are scheduled to take place next month and in October. However, the specific volume of Russian Urals crude oil recently purchased by these refiners has not been disclosed.
Earlier this month, Indian state-run refiners had temporarily halted purchases of Russian Urals crude oil due to pressure from the United States. At the end of last month, the Indian government also requested that oil refining companies prepare alternative plans in case Russian crude oil imports were suspended.
Urals crude oil is one of Russia's main crude oil types and is shipped from ports on the Baltic and Black Seas. Since Russia became subject to Western sanctions after launching its war against Ukraine, India has been a primary importer of Urals crude oil.
In April, the United States imposed a 26% reciprocal tariff on India. Since then, the two countries have held five rounds of negotiations, but failed to reach an agreement due to differences over reducing tariffs on U.S. agricultural products and India's suspension of Russian crude oil purchases.
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Previously, U.S. President Donald Trump strongly criticized oil trade between India and Russia, announcing that a total reciprocal tariff of 50%-which combines a 25% reciprocal tariff, lowered by 1 percentage point from the previous rate, and an additional 25%-would be imposed on Indian products starting on the 27th. Treasury Secretary Scott Besant also warned, "India's wealthiest elite have benefited from purchasing Russian crude oil," adding, "We have imposed a secondary tariff on India for buying Russian crude oil, and if things do not go well, we may impose sanctions or further increase secondary tariffs."
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