US President Donald Trump on Monday announced he will substantially raise tariffs on India for buying and selling Russian oil in open market.
"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA. Thank you for your attention to this matter!!! President DJT," Trump said on Truth Social.
Trump last week announced he would impose a 25% tariff on goods imported from India and added that India would also face an unspecified penalty. However, he did not reveal any details on the penalty.
India will continue to purchase oil from Russia despite Trump’s threats, two Indian government sources were quoted as saying by Reuters.
Earlier last week, President Trump on Saturday said he has heard that India is no longer going to buy oil from Russia, which he hailed as a "good step" but added that he wasn't sure about the development.
"Well, I understand India no longer is going to be buying oil from Russia. That's what I heard. I don't know if that's right or not, but that's a good step. We'll see what happens," Trump said speaking to reporters.
MEA Response
Responding to reports claiming that Indian oil companies have stopped buying oil from Russia, Ministry of External Affairs Spokesperson Randhir Jaiswal said,"we take decisions based on the price at which oil is available in the international market and depending on the global situation at that time. As for the specifics of your particular question, I am not aware of it. I don't have details of these specifics."
