August saw the introduction of tariffs, which were 50% taxes on Indian goods disguised as retaliation for purchasing Russian oil. Then, on Wednesday, US President Donald Trump asserted that Indian Prime Minister Narendra Modi had discreetly consented to stop those acquisitions “in a short period of time. Russia cautiously reacted the following day, while India disassociated itself from his remarks.
Very beneficial for the Indian economy and for the welfare of Indian people” is how Denis Alipov, Russia’s ambassador in Delhi, described the commodity. A spokeswoman later stated that he was not aware of “any conversation yesterday” between Modi and Trump, despite the Indian government’s claim that its import policy was “guided by the interests of the Indian consumer in a volatile energy scenario.
India’s energy policy is now a difficult balancing act between growing pressure from Washington and an old ally in Moscow. However, to what extent does the Indian economy depend on Russian oil?
India, the third-largest oil importer in the world, purchased $52.7 billion worth of Russian petroleum last year, or 37% of its oil bill. The US, Saudi Arabia, Iraq, the United Arab Emirates, and Nigeria came next.
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