Russia Offers India a Special Mechanism to Maintain Crude Oil Supplies Amid US Tariffs

The Russian Embassy in India has announced a mechanism to supply crude oil to India, despite the US imposing 50% tariffs on such imports. This move comes as India's strategic ties with the US are strained due to its increasing imports of Russian crude oil. India has called the US measures unfair and unjust, and Russia is taking advantage of this situation to strengthen its trade ties with India. According to Evgeny Griva, a trade official at the embassy, there is a "very special mechanism" to supply crude oil to India.

Key Takeaways:

• The Russian Embassy in India has announced a mechanism to supply crude oil to India, despite US tariffs.
• India's imports of Russian crude oil have strained its strategic ties with the US, with the US imposing 50% tariffs.
• India has called the US measures unfair and unjust.
• The bilateral trade between India and Russia hit a record $68.7 billion last year, with New Delhi importing some 88 million tons of Russian oil during the same period.
• India's purchases of Russia's crude oil had climbed to over 30% of its total imports since the Ukraine war began in February 2022.
• Pakistan knows about the challenging circumstances for India and has earned the trust of Moscow to supply crude oil.

Statistics:

• India imported 88 million tons of Russian oil in 2022.
• India's imports of Russian crude oil had climbed to over 30% of its total imports since the Ukraine war began in February 2022.
• Russia's bilateral trade with India hit a record $68.7 billion last year.
• The US imposed 50% tariffs on India's imports of Russian crude oil.

Sources:

• Roman Babushkin, Deputy Chief of the Russian Embassy in India (news conference)
• Evgeny Griva, Trade Official at the Russian Embassy in India (embassy)
• Global Data Point (2022)
• Peter Navarro, Counsellor for Trade and Manufacturing at the White House (White House)