In the first place
President Donald Trump will increase the rate against India on the purchases of Russian oil of the country, following an earlier threat he made in July, since India has indicated that it will be Keep buying with a discount from Russia.
Trump announced the tariff walk on Monday. (Photo by Alex Wong/Getty Images)
Getty images
Important facts
Trump said that he will increase the rate percentage of 25% of India “considerably”, and accused Indian officials of not giving “how many people in Ukraine are killed by the Russian war machine.”
It is unclear what the new tariff percentage of India will be, although Trump threatened in July to install 100% rates for countries that do oils with Moscow, unless it is a peace treaty with Ukraine Insoort.
India is according to the largest copper of the crude oil of the sea, according to ReutersHe noticed that the most important refineries of India last week paused their purchases of Russian oil after Trump’s rate threats – but India stopped briefly To fully pull Russia because it maintains long -term contracts with the country.
India’s Energy Hardep Minister Singh Puri told CNBC In July, buying Russian oil helped the global prices, and said that India was advised by the US to keep buying the oil, “but within the price limit.”
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What is the attraction of Russian oil for India?
Russia started offering reduced oil prices after it was struck in 2022 by Western sanctions for his invasion of Ukraine. In particular, the European Union has set a price limit of $ 60 per barrel on Russia, making it cheaper than Brent Crude, an important oil benchmark that acts $ 68.84 on Monday afternoon as a futures contract. The prices of Russia enables India to take the reduced oil and refine some of domestic production while exporting and benefiting the remaining oil that is sold to other countries. The reduced prices help India to maintain energy costs, because the demand for energy in the country “has grown quickly”, according to the International Energy Agency. India probably does not seem to admit his affairs with Russia, whereby the Indian spokesperson for the Ministry of Foreign Affairs, Randhir Jaiswal, is recently told The guardian There is a “stable and proven partnership” between India and Russia.
What alternatives does India have for oil purchases?
In the event that India lowers the ties with Russia on oil, it could stimulate imports from countries such as Iraq and Saudi Arabia that were the largest suppliers before purchasing from Russia. Saudi -Arabia and Russia have had a duel with competitive oil prices and production rates that have threatened Sieve the war economy of Russia.
Large number
70%. That is the share of Russian crude oil that was exported to India last year, according to the International Energy Agency.
Important background
Trump is increasingly frustrated by the Russian approach of Ukraine, and in turn the purchases of oil from Russia from Russia, who last week in a truth social post says: “I don’t care what India does with Russia. They can bring their dead economies together for everything I give.” The rate percentage of 25% against India van Trump came when the president destroyed it for ‘the most strenuous and annoying non-monetary trade barriers of any country’, which threatened an extra ‘fine’ in the country for his affairs with Russia, unless a peace agreement in the war in the Russia-Ukrainian was bought. Trump has forced Russian President Vladimir Putin to agree with a ceasefire by 8 August. If a deal is not reached, Trump could follow a threats to place 100% “secondary” rates on Russia, who influence his trading partners in China and India and to grab a Watath of Western sanctions.
Continue reading
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Trump says that he will not extend the tariff break after 1 August – the rate of 25% for India (Forbes)
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