From The Economic Times · · 50s
India's Oil Exports at Risk from Trump Tariff
Trump's 100% tariff on Russian oil threatens India's $1.2bn monthly imports.
In brief
Trump's 100% tariff on Russian oil threatens India's $1.2bn monthly imports. India's oil imports from Russia could face 100% US tariffs under Trump's law despite not being named in the legislation. Originally reported by The Economic Times.
Trump's New Tariff Law
Trump signed a law allowing up to 100% tariffs on five largest buyers of russian crude oil.
“Trump has signed a new US law that allows tariffs of up to 100% on the five largest buyers of Russian crude oil and gas”
India's Exposure
More than half of india's july crude imports came from russia.
“India is not named in the law, but more than half of its july crude came from Russia”
Tariff Impact
India could face 100% tariffs on $1.2bn monthly russian oil imports.
“More than half of india's july crude imports came from russia”
Current Status
India not named in the law despite high russian oil dependency.
“India is not named in the law, but more than half of its july crude came from Russia”
What Happens Next
India may need to find alternative oil suppliers within weeks.
“India may need to find alternative oil suppliers within weeks”
Potential Consequences
Price hikes for petrol and diesel could reach $7.5/litre within two weeks.
“Petrol, diesel prices hiked by 87-91 paise per litre for third time in eight days”
At a glance
India's oil imports from Russia could face 100% US tariffs under Trump's law despite not being named in the legislation.
