India's profits from Russian oil have been nullified by tariffs imposed by US President Donald Trump. This is reported by UNN with reference to Reuters.
Details
After the full-scale Russian invasion of Ukraine, India saved billions of dollars. This was achieved by increasing imports of Russian oil at reduced prices.
According to analysts' calculations, India saved at least $17 billion. According to the Global Trade Research Initiative (GTRI) think tank, Trump's decision to impose additional 50% tariffs on Indian goods could reduce exports by more than 40%, or almost $37 billion, in April-March of this fiscal year alone.
Experts believe that the consequences of the American leader's decision will have long-term effects and will also adversely affect the political position of the country's Prime Minister Narendra Modi, as thousands of jobs will be at risk.
Russia is important to India due to the supply of military equipment, cheap oil, geopolitical support in the continental space, and political support on sensitive issues. This makes Russia an invaluable partner
However, as he noted, the US still remains India's most important strategic partner, despite the disagreements between Delhi and Washington under Trump.
Sources in the Indian government told journalists that New Delhi wants to restore relations with Washington and is open to increasing purchases of American energy, but is not ready to completely abandon Russian oil.
Recall
US President Donald Trump imposed high 50% tariffs on goods from India due to the country's purchase of Russian oil and weapons. This forced the Indian government to take emergency measures.
As it turned out, due to Trump's decision and strikes on Russian oil pipelines, Russian oil exports sharply decreased - by 320,000 barrels per day in a week.