Russia Proposes a 5% Price Reduction on Crude Oil Purchases to India, Amidst Trump's Tariff Threat, According to the Deputy Trade Representative, Who Labels the Information a 'Commercial Confidentiality Matter.'
In an interesting turn of events, Russia has offered India a 5% discount on crude oil purchases. This move comes in response to the economic pressure exerted by the US, which imposed a 50% tariff on Indian exports due to continued imports of Russian crude oil.
The Russian Deputy Trade Representative to India, Evgeniy Griva, confirmed the discount, stating that it's usually around 5% and can fluctuate. However, the Russian government has labeled this discount as a 'commercial secret' between the two nations.
India's Ministry of External Affairs (MEA) spokesperson, Randhir Jaiswal, has called the 50% tariff move by the US as "unfair, unjustified, and unreasonable." The impact of the 50% tariffs on India's relationship with Russia, or any potential response from Russia, has not been mentioned in the official statements.
The White House trade adviser, Peter Navarro, has alleged that India is helping Russia keep its war machine alive during the Ukraine war. White House Press Secretary Karoline Leavitt stated that tariffs on India are part of a broader pressure campaign to force Moscow to the negotiating table.
Roman Babushkin, Russian Deputy Chief of Mission, expressed confidence that cooperation between Russia and India will continue despite external pressure. He also stated that the situation is challenging for New Delhi.
During a speech at the MS Swaminathan Centenary International Conference, Prime Minister Narendra Modi stated that India will never compromise on the interests of farmers, fishermen, and dairy farmers, and is ready to pay a heavy price for it.
The latest news regarding this situation has not been provided, but the offer of a discount in crude oil purchases from Russia may have implications for India's energy supply and its relationship with the US. The Russian government is expressing trust in its ties with India, indicating a determination to continue cooperation despite challenges.
