India slams ‘unjustified' action by US, EU over its Russian oil purchases
NEW DELHI : India's foreign ministry said Monday that the United States and European Union were 'targeting' it due to its buying of Russian oil, adding that the moves were 'unjustified' and that it would protect its interests.
'The targeting of India is unjustified and unreasonable,' India foreign ministry spokesman Randhir Jaiswal said in a statement, after US President Donald Trump vowed to raise tariffs on the country over its oil purchases from Russia.
'Like any major economy, India will take all necessary measures to safeguard its national interests and economic security.'
It did not provide further details on the measures.
India became a major buyer of Russian oil, providing a much-needed export market for Moscow after it was cut off from traditional buyers in Europe because of the Ukraine war.
New Delhi saved itself billions of dollars while bolstering Moscow's coffers.
But India on Monday argued it 'began importing from Russia because traditional supplies were diverted to Europe after the outbreak of the conflict'.
It also noted that Washington at that time had 'actively encouraged such imports by India for strengthening global energy markets stability.'
It pointed to what it suggested were double standards of EU and US trade with Moscow.
'It is revealing that the very nations criticising India are themselves indulging in trade with Russia,' Jaiswal added.
'Unlike our case, such trade is not even a vital national compulsion.'
Jaiswal singled out examples of where deals were being done with Moscow.
'Europe-Russia trade includes not just energy, but also fertilisers, mining products, chemicals, iron and steel and machinery and transport equipment,' the statement added.
'Where the US is concerned, it continues to import from Russia uranium hexafluoride for its nuclear industry, palladium for its EV industry, fertilisers as well as chemicals.'
India, the world's most populous country, was one of the first major economies to engage the Trump administration in broader trade talks.
The United States is India's largest trading partner, with New Delhi shipping goods worth US$87.4 billion in 2024.
India's protectionist trade policies, however, saw it run up a surplus of nearly US$46 billion the same year.
On Monday, Trump said in a post to his Truth Social platform that India was 'buying massive amounts of Russian Oil' and selling it for 'big profits.'
'Because of this, I will be substantially raising the Tariff paid by India to the USA,' he wrote.
But he did not provide details on what tariff level he had in mind.
For now, an existing 10% US tariff on Indian products is expected to rise to 25% come Thursday.
Last month, the EU and Britain sought to ramp up economic pressure on Russia to halt the war in Ukraine by slashing a price cap meant to choke off revenues from key oil exports.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malaysia Sun
3 hours ago
- Malaysia Sun
China turns to BRICS partner for coffee
Beijing fast-tracked authorization for nearly 200 Brazilian firms after the US slapped massive tariffs on the countrys products Beijing has authorized nearly 200 Brazilian companies to export coffee to the Chinese market amid escalating trade tensions between the South American nation and the US, according to the Chinese embassy in Brazil. The greenlight follows Washington's decision to impose a hefty tariff on Brazilian coffee and other goods. The 50% tariff, which took effect in late July, targets coffee and meat - two key sectors of Brazil's economy. The move comes amid the broader trade war launched by US President Donald Trump against multiple countries. "China has approved the authorization of 183 new Brazilian coffee companies to export to the Chinese market," the embassy said Saturday in a post, adding that the measure took effect on July 30 and will remain valid for five years. Brazil's Ministry of Industry and Foreign Trade has estimated that 35.9% of exports to the US will be affected by the tariffs, warning that annual losses could reach up to $14.5 billion. During the 2024/2025 crop year, Brazil exported 7.468 million bags of coffee to the US, making it the largest destination for Brazilian coffee exports, according to the Brazilian Coffee Exporters Council. The US accounted for 16.4% of Brazil's total coffee exports. In monetary terms, that amounted to $1.9 billion in coffee exports, along with $1.35 billion worth of meat. READ MORE: The BRICS hit back: Trumps old tricks meet new world China's growing appetite for coffee appears to align with its latest move to expand imports from Brazil. According to data from the International Coffee Organization, coffee consumption in China grew by 15% in the latest season. At the same time, the number of branded coffee shops in the country surged by 58% over the past 12 months, reaching 49,691 outlets, according to market intelligence firm Alegra Group. The rapid expansion signals China's emergence as a key growth market for global coffee producers. Trump has defended the steep tariffs on Brazilian goods, citing what he called a "witch hunt" against former President Jair Bolsonaro, despite the fact that the US ran a $6.8 billion trade surplus with Brazil in 2024. Trump had previously justified his trade policies by claims that he intended to correct trade imbalances. (
The Star
3 hours ago
- The Star
Pfizer reports strong Q2 revenue
NEW YORK, Aug. 5 (Xinhua) -- U.S. pharmaceutical company Pfizer announced its second-quarter earnings on Tuesday, reporting a 10 percent year over year operational growth. The financial results posted by the New York-headquartered company represent revenue of 14.7 billion U.S. dollars or 0.51 dollars of earnings per share. In an upward revision of its full-year guidance, Pfizer said it now expects adjusted earnings per share for 2025 to range between 2.90 dollars and 3.10 dollars, compared to its previous forecast of 2.80 dollars to 3.00 dollars. The company maintained its annual revenue projection of 61 billion to 64 billion dollars, reflecting confidence in its underlying business performance. "Our business is performing well and I'm pleased with the progress we achieved in the second quarter," Pfizer Chairman and CEO Albert Bourla said in a statement. Pfizer's strong performance came amid mounting policy pressures from the White House. U.S. President Donald Trump has recently sent letters to 17 pharmaceutical companies, including Pfizer, demanding that they cut prices on all existing medications for Medicaid patients to levels no higher than those in Europe. During Tuesday's earnings call, Bourla acknowledged that the company received the letter from the Trump administration. However, he declined to elaborate on the policy's specific impacts, although he emphasized that discussions with the administration have been "extremely productive." Pfizer's Q2 results were bolstered by rising sales in several key product categories. Its Vyndaqel line of cardiomyopathy treatments showed solid growth, and COVID-19-related products were major contributors.
Free Malaysia Today
4 hours ago
- Free Malaysia Today
Muhyiddin denies defending subsidies for foreigners
PN chairman Muhyiddin Yassin said the coalition's fundamental policy on subsidies has always been that they should be for Malaysians, not foreigners. PETALING JAYA : Perikatan Nasional chairman Muhyiddin Yassin has denied defending the distribution of government subsidies to foreigners, urging Prime Minister Anwar Ibrahim to furnish proof he had ever made such a statement. In a video posted on Facebook, Muhyiddin said Anwar's claim that he had made such a remark was slanderous. 'I have never said such a thing. From the beginning, our fundamental policy on subsidies has been that they are meant for Malaysians, not foreigners. 'I want to ask where Anwar read or heard that (purported statement), because there's definitely none. 'What was the source, and was it genuine or fake?' asked the Bersatu president. Earlier today, Sinar Harian quoted Anwar as saying that Muhyiddin had questioned the government for burdening foreigners when they had also made significant contributions to the country. The prime minister said the government had decided on targeted subsidies for electricity and RON95 petrol so that they could continue helping Malaysians while reducing the nation's fiscal deficit.
