Moscow assures that its oil discounts are attractive enough to keep India among buyers - Bloomberg
Kyiv • UNN
Russia expects to retain India as a stable oil client, offering discounts of about 5% off the market price. The US is increasing pressure on India over its purchases of Russian oil, imposing duties and accusing it of supporting "Putin's war."
Russia expects India to remain a stable client for its oil, despite a sharp escalation of the trade dispute with the US. This was stated in New Delhi by the Deputy Trade Representative of the Russian Federation in India, Yevgeny Griva. According to him, the current discounts on Russian oil – about 5% of the market price – are a sufficient incentive for Indian companies not to look for alternative suppliers. This is reported by Bloomberg, writes UNN.
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Washington, on the contrary, is increasing pressure. Donald Trump's administration has already imposed a 25% tariff on Indian goods and threatens to raise it to 50%, explaining that New Delhi "finances Putin's war" by buying oil bypassing sanctions. US Treasury Secretary Scott Bessent accused Indian corporations of "profiting from sanctioned oil," emphasizing that only the country's richest families benefit from this.
Despite this, India continues to defend its position. The government emphasizes that purchases of cheap Russian oil help curb inflation and ensure the stability of the domestic market. Imports from the Russian Federation currently reach 1.7 million barrels per day – more than a third of all foreign supplies. This is a sharp contrast to the situation before 2022, when the Middle East was the main source of energy for India.
Against the backdrop of the tariff war, New Delhi is intensifying political contacts with Moscow and Beijing. Prime Minister Narendra Modi called Vladimir Putin a "friend" and is preparing to visit China for the first time in seven years at the end of August. Meanwhile, Indian Foreign Minister Subrahmanyam Jaishankar is on a three-day visit to Russia, where he is coordinating trade and scientific-technical projects with Russian officials.
Moscow, in turn, promises to compensate India's losses from American tariffs, in particular, by expanding the purchase of Indian goods and offering joint production of aircraft engines.
Recall
US Treasury Secretary Scott Bessent accused India of profiting from purchases of Russian oil during the war in Ukraine. He noted that the share of Russian oil in India's imports increased from less than 1% to 42%.