India Hits Back at US President Trump's Tariff Threat on Russian Oil Imports

India has released a strongly worded six-point statement in response to US President Donald Trump's threat to raise tariffs on India for buying and selling Russian oil. The statement asserts that India has been unfairly targeted by both the US and the EU for continuing to import oil from Russia, which India claims is necessary to ensure affordable energy costs to its citizens. The statement also highlights the significant trade relationships between the US, EU, and Russia, including the EU's large-scale imports of Russian energy, fertilizers, and other products.

Key Takeaways:

• India asserts that it has been unfairly targeted by the US and EU for importing oil from Russia to ensure affordable energy costs to its citizens.
• India claims that the EU's trade with Russia is significantly larger than India's, with bilateral trade in goods totaling Euro 67.5 billion in 2024 and estimated trade in services of Euro 17.2 billion in 2023.
• The EU's imports of LNG from Russia reached a record 16.5 million tonnes in 2024, surpassing the previous record of 15.21 million tonnes in 2022.
• The US also imports from Russia, including uranium hexafluoride for its nuclear industry, palladium for its EV industry, fertilizers, and chemicals.
• India terms the targeting as unjustified and unreasonable and reaffirms its commitment to safeguarding its national interests and economic security.
• India will take all necessary measures to safeguard its national interests and economic security.

Statistics:

• Euro 67.5 billion: EU's bilateral trade in goods with Russia in 2024.
• Euro 17.2 billion: Estimated EU trade in services with Russia in 2023.
• 16.5 million tonnes: Record EU imports of LNG from Russia in 2024.
• 15.21 million tonnes: Previous record EU imports of LNG from Russia in 2022.

Sources:

• India's six-point statement.
• US President Donald Trump's announcement on Truth Social.
• Indian National Press (Bombay) Pvt. Ltd.
• Contify.com