Tariffied, oil PSUs stop buying Russian crude in spot market
However, Reliance Industries and Nayara Energy, which procure crude on a term basis from Russia, may continue to buy, sources said. The two, over the past years, have profited from exporting refined products to Europe, their most profitable market.
IOCL, BPCL, HPCL, MRPL, RIL, and Nayara Energy did not respond to an email query till press time.On July 17, oil minister Hardeep Singh Puri warned that taking Russian supplies off the market could push oil prices to $130-140 per barrel, detailing the potential impact of secondary sanctions. India would quickly switch to alternative sources to meet its oil demand if any supply were cut off, Puri said, adding that the world is currently awash in oil, which is helping keep prices in check.India's crude oil imports from Russia were around $50.3 billion in FY25, more than one-third of India's total crude expenditure of $143.1 billion.
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India.com
6 minutes ago
- India.com
India Calls Out Hypocrisy: Why It's
30 जुलाई 2025 को भारत पर 25% टैरिफ और जुर्माना India-Russia Oil Trade 2025 : On Monday, 4th August , U.S. President Donald Trump criticized India for buying oil from Russia and making profits from it. In response, India strongly disagreed and said that such comments are unfair and wrong. India made it clear that it will do whatever is needed to protect its own interests and economy. On his social media platform, Truth Social, Donald Trump said in the evening that India is buying a lot of oil from Russia. He also claimed that India is making big profits by selling some of that oil to other countries. Trump also said that India doesn't seem to care about how many people are dying in Ukraine because of Russia's war. Because of this, he plans to increase the taxes (tariffs) India has to pay when selling goods to the U.S. by a large amount. Trump's latest criticism came just a few days after he said he would impose a 25% tax and some kind of extra punishment on India for buying defence equipment and energy (like oil and gas) from Russia. In a statement on Monday evening, India's Ministry of External Affairs explained that India started buying oil from Russia because the countries that normally sold oil to India (called traditional suppliers) began sending their oil to Europe after the Russia-Ukraine war began. Earlier that day, India's Foreign Minister S. Jaishankar said that the world should be fair for everyone and not controlled by just a few powerful countries. (Note: 'Traditional oil suppliers' means the countries that India usually bought oil from in the past—like Iraq, Saudi Arabia, and UAE.) India has been criticised by the US and European Union for buying oil from Russia after the war in Ukraine began. But on Monday, August 4th, the Ministry of External Affairs (MEA) said that India started buying oil from Russia only because the countries it usually bought from began selling more to Europe during the conflict. MEA spokesperson Randhir Jaiswal also said that, at that time, the US itself had supported India's oil imports from Russia to help keep global energy markets stable. Donald post India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA. Thank you for your attention to this matter!!! President DJT India has said that when it comes to buying energy, it looks at what is available in the market and the current global situation. On Monday,4th August, MEA spokesperson Jaiswal explained that India buys oil in a way that helps keep energy prices steady and affordable for people in the country. He said that India is buying oil out of necessity because of the global market situation. But it's surprising that the same countries blaming India are also doing business with Russia. The difference is, for them it's not a need like it is for India. According to reports and statements from the Indian MEA, the European Union is still engaged in significant business with Russia, even with sanctions in place. In 2024, the EU's trade in goods with Russia was valued at €67.5 billion (about ₹5,63,625 crore). A large portion of this trade included key materials like energy products, particularly Russian Liquefied Natural Gas (LNG), which reached record import levels. They also traded in fertilizers, mining products, chemicals, iron and steel, and machinery. Additionally, in 2023, the EU traded services with Russia worth €17.2 billion (about ₹1,43,620 crore). Similarly, the United States, while having a much lower total trade value, continues to import critical goods from Russia. These include materials essential for its nuclear and electric vehicle industries, such as uranium hexafluoride and palladium, as well as chemicals and fertilizers. These figures are often highlighted by the Indian government to emphasize that many countries continue to do business with Russia despite the public stance against the conflict. In comparison, India's own trade with Russia, while growing significantly, is primarily driven by a massive increase in its import of Russian crude oil. Speaking at the First BIMSTEC Traditional Music Festival in New Delhi on Monday evening, India's Foreign Minister S. Jaishankar said, 'The world today is going through difficult and uncertain times. People across countries want a fair system where all nations are treated equally, not one where only a few powerful countries control everything.' (Note: BIMSTEC stands for Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation. It is a group of seven countries – Bangladesh, India, Myanmar, Sri Lanka, Thailand, Nepal, and Bhutan – that work together on regional issues like trade, security, and development.) He said that people often talk about making the world more balanced in politics and the economy. But he added that countries can also gain respect and pride by showing their rich culture—especially through their cultural strength. Last week, Trump said that from August 1, goods coming from India to the U.S. will face a 25% tax, along with an extra penalty. He gave several reasons for this: India buying oil and weapons from Russia, keeping high taxes on imports, and creating tough and unfair rules that make it hard for U.S. businesses to trade with India. On July 31, Trump wrote on his social media platform, Truth Social, 'I don't care what India does with Russia. If their weak economies fail together, it doesn't matter to me.' On Saturday, August 2nd, Prime Minister Narendra Modi spoke at a rally in Varanasi. He said that the global economy is facing many problems and is unstable. During such times, it's important to protect India's economy. He added, 'From now on, whatever we buy should follow one rule – we should only buy things that are made by hardworking Indians.' Stepping Up the Pressure Trump's announcement on July 31 about adding a 25% tax and an extra unknown penalty has worried many Indian exporters. Those selling low-profit items like clothes and shoes are especially concerned. They fear that these higher taxes could lead to fewer sales and even job losses. In his post on Monday, August 4th, Trump did not talk about the extra 'penalty' he had mentioned earlier. The 25% tax he announced for India is higher than the taxes the U.S. has set for other countries like Bangladesh, Vietnam, and some ASEAN nations. India and the U.S. have not yet agreed on a trade deal. One major issue is that India has not given enough access to American farm products. Another problem is that India continues to buy a large amount of oil from Russia. This has upset Trump, especially as he is angry with Russia over the war in Ukraine. These issues have created tension between India and the U.S. Trump wants the Russia-Ukraine war, which has been going on for three years, to end quickly. So, he sees this as a good time to put pressure on countries like India and China for buying goods from Russia—especially since both countries are in the middle of important trade talks with the U.S. According to the think tank GTRI, China—not India—is the biggest buyer of Russian oil. In 2024, China bought oil worth $62.6 billion (about ₹5,22,000 crore), while India bought $52.7 billion (about ₹4,39,000 crore). But Trump is not blaming China, possibly because of political reasons, and is unfairly targeting India instead. Drop in Oil Imports from Russia Over the past few months, as the U.S. and other Western countries increased pressure on India, Indian oil companies—especially government-run ones—had already started reducing their purchases of Russian oil. This happened even before Trump announced any extra tax or 'penalty' on India. Latest ship tracking data shows that in July, India received much less Russian oil compared to before. This oil was likely ordered in May or early June. People in the industry also said that government-run Indian oil companies have now stopped placing new orders for Russian oil, which had been India's main source of oil for almost three years. As per Indian Express, data from global tracking firm Kpler shows that India imported around 1.6 million barrels of oil per day from Russia in July. This is a 24% drop compared to June, and 23.5% less than July last year. The share of Russian oil in India's total oil imports also went down—from 44.5% in June to 33.8% in July. People in the oil industry and trade experts say that the fresh pressure and warnings from the U.S. and Europe in recent weeks have affected India's oil trade with Russia. This could be the start of Indian oil companies slowly moving away from buying oil from Russia. Until now, India had carefully balanced its need for energy with global political pressure. But now, one expert said, India has fewer choices. He added that Indian oil companies must prepare not only for business changes but also for major global political shifts. According to sources, the government and key groups—mainly oil companies—are discussing how to handle the situation and what options India has. By cutting Russian oil imports early, India has already sent a small message to show its stand. What happens next will mostly depend on how India's relationship with the U.S. develops, and whether Trump decides to take a tougher stand against Russia. If the U.S. and Russia make progress in talks over the Ukraine war, it could reduce the pressure on countries like India that buy oil from Russia. Is India Really Making Huge Profits? Trump has earlier spoken against India buying oil from Russia, but this is the first time he has said he is upset about India 'selling that oil for big profits.' To clarify, India does not sell crude oil to other countries. However, it does export refined fuel products like petrol and diesel made from that crude oil. Some people criticize India for buying a lot of oil from Russia at cheaper prices. They say India refines this oil into products like petrol, diesel, and jet fuel, and then sells these fuels to other countries, including European nations—even though Europe has banned direct imports of oil from Russia. India has said that it is not doing anything wrong by buying oil from Russia or selling fuel made from it. Russian oil is not banned, but the U.S. and its allies have only set a price limit on it. Also, since India buys crude oil from many different countries, it is hard to tell which fuel comes from which country's oil. It's important to note that while the US and Western countries want to reduce the money Russia earns from oil, they don't want Russian oil to be completely removed from the world market. That's why, instead of banning it with sanctions, they set a price limit on Russian oil when Joe Biden was president. Russia is one of the biggest oil producers in the world. If its oil is removed from the global market, prices everywhere could rise sharply. Countries like India say that by continuing to buy Russian oil, they have helped keep international oil prices stable. The Biden government was okay with letting Russian oil continue to be sold, as long as it was sold at a limited price. This price cap was meant to reduce Russia's earnings without causing oil prices to rise too much worldwide. But Trump has taken a tougher approach. He is now warning that countries buying oil from Russia, like India, may face financial penalties. (Note: The price cap was introduced to cut down Russia's income from oil sales—used to fund the war in Ukraine—while still keeping oil available in the global market to avoid a price hike.) What is a Price Cap on Russian Oil ? A price cap means setting a maximum price at which Russian oil can be sold. Here's how it works in simple words: The U.S. and its allies (like G7 and the European Union) decided to let Russian oil continue to be sold in the world market. But they said: 'You can't sell it for more than a fixed price — for example, $60 per barrel.' This cap was made to reduce the money Russia earns from oil (which it could use to fund the war in Ukraine) but still allow oil to flow into the market to keep prices low for other countries. So, India and other countries can still buy Russian oil, but if they want to use Western services (like insurance, ships, or banks), they must follow the price cap rule. If they pay more than the cap, they may lose access to these services or face other penalties. Summary: Goal: Reduce Russia's profits without causing oil shortages or high global prices. How: Set a maximum selling price for Russian oil. Limit: For example, $60 per barrel. Who set it: U.S., G7, EU, and allies.
India Today
6 minutes ago
- India Today
With 1971 war ammo, Indian Army fires back at US over Russian oil hypocrisy
As tensions rise over US President Donald Trump's warning against India's imports of Russian oil, the Indian Army took a not-so-subtle dig by revisiting a decades-old chapter in history to put the spotlight on American military aid to Pakistan during the 1971 Bangladesh Liberation Army's Eastern Command shared a newspaper clipping dated August 5, 1971, detailing US weapons supplies to Pakistan in the lead-up to the war. The post was captioned, "This day, that year build up of war - August 5, 1971." The headline of the clipping read, "US arms worth $2 billion shipped to Pakistan since '54."advertisementThe article was about then Defence Production Minister VC Shukla's address in Parliament, mentioning that while France and the Soviet Union had denied selling arms to Pakistan, the US continued supplying weapons.#IndianArmy#EasternCommand#VijayVarsh #LiberationOfBangladesh #MediaHighlights"This Day That Year" Build Up of War - 05 Aug 1971 #KnowFacts.". $2 '54"@adgpi@SpokespersonMoD EasternCommand_IA (@easterncomd) August 5, 2025 Shukla also accused Nato powers of overlooking Islamabad's aggression in Bangladesh. The piece claimed that both the US and China had sold weapons to Pakistan at 'throwaway prices,' implying that Islamabad fought the 1971 war with American and Chinese Army's post comes just 24 hours after Trump threatened New Delhi with higher levies if India continued buying Russian oil. The mercurial leader said he would 'substantially raise tariffs on goods from India' beyond the current 25 per cent if India didn't back off its energy ties with PUSHES BACKIndia responded to Trump's threats with a sharply worded rebuttal, taking apart Washington's own double standards. New Delhi ponted out that the US had 'actively encouraged such imports' from Russia in the early months of the Ukraine war, when energy prices were Ministry of External Affairs also pushed back at the European Union's criticism of Indian crude exports, saying Indian purchases were 'a necessity compelled by the global market situation.'It added that several countries targeting India were themselves 'indulging in trade with Russia' even though 'such trade is not even a vital compulsion.'PAKISTAN GETS A PASSEven as Trump threatens India with steeper duties, he has gone soft on Pakistan. In his latest executive order, he reduced tariffs on Pakistani goods from 29 per cent to 19 per cent, while raising rates for dozens of other nations, including India. The announcement came just before the August 1 tariff relief follows a flurry of engagements between Islamabad and the Trump camp. On June 18, Pakistan's Army chief Gen Asim Munir enjoyed a private lunch with Trump at the White House, barely a month after a brief military conflict with in July, Trump branded India a 'dead economy' and announced a raft of trade deals with Pakistan. Even as Indian officials warily eyed the growing bonhomie between Islamabad and Washington, the US President suggested that India might one day buy oil from Pakistan, which added to the diplomatic frost in India-US ties.- EndsTune InMust Watch
Economic Times
6 minutes ago
- Economic Times
Putin's alleged daughter Elizaveta Krivonogikh condemns Russian president, signals support for Ukraine
TNN Elizaveta Krivonogikh, allegedly Vladimir Putin's daughter, now lives in Paris and works in an anti-war art gallery while criticizing the Russian president's actions in Ukraine Elizaveta Krivonogikh, the 22-year-old woman widely believed to be the youngest daughter of Russian President Vladimir Putin, has posted critical messages online condemning the man she says 'destroyed' her life and was responsible for taking 'millions of lives.'Krivonogikh, now living in Paris, shared the remarks on a private Telegram channel named 'Art of Luiza,' a reference to her artistic pseudonym Luiza Rozova. In the post, she wrote, 'It's liberating to be able to show my face to the world again.' She added, 'It reminds me of who I am and who destroyed my life.' Also read: Meet Elizaveta Krivonogikh, the secret daughter of Vladimir Putin Though she did not name Putin directly, Krivonogikh has not denied longstanding reports linking her to the Russian leader. Her identity first emerged in a 2020 investigation by the Russian media outlet Proekt, which reported on her 'phenomenal resemblance' to Putin. She was born in 2003 to Svetlana Krivonogikh, a woman identified as a former housekeeper for Putin. While Putin is not named on her birth certificate, she was given the patronymic 'Vladimirovna,' meaning 'daughter of Vladimir.' Artist shifts toward anti-war message amid continued criticism Following initial media attention, Krivonogikh's lifestyle, documented on Instagram and characterized by luxury, was spotlighted by Russian opposition leader Alexei Navalny in 2021. After Russia's invasion of Ukraine later that year, her public presence diminished, and her Instagram account was deactivated. She has since returned to the platform but initially withheld her identity in now appears to be distancing herself from her past, working at a Paris art gallery focused on anti-war pieces. She has also adopted a new pseudonym, Elizaveta Rudnova, reportedly referencing Oleg Rudnov, a deceased ally of President she has been outspoken in her condemnation of the war in Ukraine, some critics question her authenticity and argue she should not be in positions where she may interact with Ukrainians. In response, Krivonogikh wrote, 'Am I really responsible for the activities of my family, who can't even hear me?'In earlier posts, she reflected on her former lifestyle, expressing disillusionment with the wealth and notoriety that came from her family connections. Her public statements now reflect a shift toward advocacy and personal independence. Also read: Putin ready to meet Zelensky, but sends chilling nuke warning to Trump as deadline nears President Putin is also reportedly the father of two additional children, sons aged 10 and 6, with former Olympic gymnast Alina Kabaeva, though no official confirmation has been provided.
