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Russian oil gets cheaper for Indian buyers amid India-US trade standoff

Statesman News Service

Fiel Photo: IANS


Russian crude oil got even cheaper for Indian buyers amid sustained US pressure on New Delhi to cut its oil trade with Moscow, as per media reports. 

The price of Urals crude has dipped to a discount of $3 to $4 a barrel to Brent on a delivered basis, according to media reports.

This comes after the US had put steep tariffs on India as a penalty for buying Russian oil, which indirectly supports the Russian military operations in Ukraine.

Former US President Donald Trump announced a sweeping 50 per cent tariff on Indian imports, a move he justified as retaliation for India’s continued purchase of Russian oil at discounted rates.

After the SCO Summit, former US Trade Advisor Peter Navarro made headlines with his remarks on India’s purchase of Russian oil. Navarro stated, “Putin supplies India with discounted crude oil, which India then refines and sells to Europe and Africa at a premium.”

He went further to invoke caste-sensitive language, claiming that “Brahmins are profiteering at the expense of the Indian people,” a statement that sparked backlash and memes online
Navarro described the Russia–Ukraine conflict as “Modi’s war,” arguing that India’s oil purchases are indirectly funding the war in Ukraine.
He criticized India’s diplomatic alignment with Russia and China—particularly PM Modi’s camaraderie with Putin and Xi—calling it “a shame” and urging Modi to side with the US, Europe, and Ukraine instead.
He had accused India of acting as a “laundromat for the Kremlin,” saying discounted Russian crude is refined in India and exported at high prices to Europe, Africa, and Asia, indirectly fueling Russia’s war efforts.

Prime Minister Modi, Russian President Putin, and China’s Xi shared laughter and camaraderie during the SCO Summit in Tianjin, China on Monday.

With the global attention fixed on the SCO Summit, the three leaders were having a pull-aside conversation before the SCO family photo session.

Their meeting is widely seen as a message to US President Trump about the rise of a new world order amid his “bullying” behaviour.

Modi and Putin later travelled together to the venue of their bilateral meeting. According to Russian media reports, Modi and Putin held a secret conversation inside the latter’s car for about 50 minutes.

 

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