Positive trend in Russia-US relations continues, Moscow says
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The Star
21 minutes ago
- The Star
India accuses EU, US of double standard over Russian trade
FILE PHOTO: Russian President Vladimir Putin shakes hands with Indian Prime Minister Narendra Modi during their meeting on the sidelines of the BRICS Summit in Kazan, Russia October 22, 2024. Alexander Zemlianichenko/Pool via REUTERS/File Photo NEW DELHI (Reuters) -India has sharply criticised the United States and the European Union, saying it is being unfairly singled out by them over its Russian oil purchases when they both trade extensively with Moscow despite the war in Ukraine. India's criticism followed a renewed threat by U.S. President Donald Trump on Monday to raise tariffs on goods from India over its Russian oil purchases, deepening the trade rift between the two countries. In a rare show of unity, Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) and the main opposition Congress on Tuesday condemned Trump's repeated criticism of New Delhi. India's Foreign Ministry said in a statement issued late on Monday that "it is revealing that the very nations criticising India are themselves indulging in trade with Russia". "It is unjustified to single out India," the ministry said. It said the EU conducted 67.5 billion euros ($78.02 billion) in trade with Russia in 2024, including record imports of liquefied natural gas (LNG) reaching 16.5 million metric tons. The United States, the statement said, continues to import Russian uranium hexafluoride for use in its nuclear power industry, palladium, fertilisers and chemicals. It did not give a source for the export information. The U.S. embassy and the EU's delegation in New Delhi did not immediately respond to a request for comment. Both the United States and EU have sharply scaled back their trade ties with Russia since it launched a full-scale invasion of Ukraine in February 2022. In 2021, Russia was the EU's fifth-largest trading partner, with goods exchange worth 258 billion euros, according to the EU executive European Commission. SUDDEN RIFT The sudden rift between India and the U.S. has been deepening since July 31, when Trump announced a 25% tariff on Indian goods being shipped to the U.S. and for the first time threatened unspecified penalties for buying Russian oil. India is one of the biggest buyers of crude from Russia, importing about 1.75 million barrels per day from January to June this year, up 1% from a year ago. Indian refiner Nayara Energy, a major buyer of Russian oil which is majority owned by Russian entities including oil major Rosneft, was subjected to European Union sanctions targeting Russia's oil and energy industry in July. India has said it does not support "unilateral sanctions" by the EU. Trade experts say Trump's tariff could badly hurt India's economy. Ajay Srivastava of the New Delhi-based Global Trade Research Initiative said he expected Indian goods exports to the U.S. to fall 30% in the current fiscal year ending March 31, to $60.6 billion from $86.5 billion in the 2025 fiscal year. India's equity benchmarks fell after Trump's renewed threat of harsh tariffs on goods from India. Manish Tewari, a member of parliament and Congress leader, said Trump's "disparaging remarks hurt the dignity and self-respect of Indians". "The time has come to call out this constant bullying and hectoring," he added. BJP Vice President Baijayant Jay Panda quoted Henry Kissinger - the most powerful U.S. diplomat of the Cold War era - in a post on X: "To be an enemy of America can be dangerous, but to be a friend is fatal." (Reporting by Aftab Ahmed and Nidhi Verma;Editing by Helen Popper)
The Star
an hour ago
- The Star
India in talks with Philippines for developing submarine infrastructure
Philippines' President Ferdinand Marcos Jr. shakes hands with Indian Prime Minister Narendra Modi on the day of their meeting at Hyderabad House in New Delhi, India, August 5, 2025. REUTERS/Adnan Abidi
The Star
an hour ago
- The Star
Kremlin slams Trump tariff pressure on India over Russian oil as illegal
Russia's President Vladimir Putin and India's Prime Minister Narendra Modi attend an awarding ceremony at the Kremlin in Moscow, Russia July 9, 2024. REUTERS/Evgenia Novozhenina/File Photo MOSCOW (Reuters) -Russia accused the United States on Tuesday of exerting illegal trade pressure on India after U.S. President Donald Trump threatened again to raise tariffs on India over its purchases of Russian oil. "We hear many statements that are in fact threats, attempts to force countries to cut trade relations with Russia. We do not consider such statements to be legal," Kremlin spokesman Dmitry Peskov told reporters. "We believe that sovereign countries should have and do have the right to choose their own trading partners, partners for trade and economic cooperation, and to choose for themselves the forms of trade and economic cooperation that are in the interests of a particular country." Trump has said that from Friday he will impose new sanctions on Russia as well as on countries that buy its energy exports, unless Moscow takes steps to end its 3-1/2 year conflict with Ukraine. Russian President Vladimir Putin has signalled no change in Russia's stance on the war, despite the looming deadline. New Delhi has called Trump's threats "unjustified" and vowed to protect its economic interests, deepening a trade rift between the two major economies. Two Indian government sources told Reuters on the weekend that India will keep purchasing oil from Russia despite Trump's threats. (Reporting by Dmitry Antonov; Writing by Lucy Papachristou; Editing by Mark Trevelyan)
