After India, United States President Trump is thinking of slapping tariffs on China for buying oil from Russia, said Vice President JD Vance, but the decision is yet to be taken.
Previously, US President Donald Trump last week announced an additional 25 per cent tariff on US imports from India — raising the overall duty to 50 per cent — as a penalty for the country’s continued imports of Russian oil.
India turned to purchasing Russian oil sold at a discount after Western countries imposed sanctions on Moscow and shunned its supplies over its invasion of Ukraine in February 2022. Consequently, from a mere 1.7 per cent share in total oil imports in 2019-20 (FY20), Russia’s share increased to 35.1 per cent in FY25, and it is now the biggest oil supplier to India.
In terms of volume, India imported 88 million tonnes from Russia in FY25, out of the total shipment of 245 million tonnes.
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