Latest news with #SanctioningRussiaActof2025
Indian Express
a day ago
- Business
- Indian Express
Sanctions, exemptions and assurances: A cautionary note on India's trade deal strategy
Casinos and betting companies around the world might as well start offering odds on US tariff rates across goods for different countries and for how long the rates will stick. If one were lulled into complacency about understanding the current state of affairs, the Trump administration is sure to throw a few wildcards into the mix to keep everyone on their toes – and this includes analysts as well as trade negotiators. A few other countries, including Europe, have agreed on a trade deal with the US, and analysing its structure and form can give a strong indication of how the Indian deal might play out. Finally, a free trade agreement with the UK that was recently signed and one with Australia that was signed a few months ago give India a minor edge in the proceedings. NATO Secretary General Mark Rutte recently threatened India, along with China, Brazil and others with 100 per cent secondary sanctions if they continue doing business with Russia, including buying Russian oil. Simultaneously, US Senator Lindsey Graham is pushing for the Sanctioning Russia Act of 2025, a bipartisan legislative proposal. The bill, backed by Trump and 170 other lawmakers, threatens an unprecedented 500 per cent tariff on all goods exported to the US by countries that buy Russian oil, gas, petrochemicals or uranium. This is part of an overall strategy to choke the Kremlin's war bank and economic lifelines. Trump has warned that if Russia does not stop its military offensive within 50 days, nations trading with Russia will receive trade penalties. India imports 90 per cent of its crude oil needs, of which 35-40 per cent comes from Russia. Recall that in 2020, the share of Russia in India's crude oil imports was less than 1 per cent. The response by the Indian administration has been mixed. India's foreign secretary hit back at NATO's double standards for both buying Russian gas and for buying refined oil from India, which uses Russian crude as inputs. He has also indicated that India might not readily fall in line, as securing India's energy needs is the top priority for this government. Elsewhere, there's a tacit acknowledgement of the cost-benefit analysis. India's Petroleum Minister Hardeep Singh Puri has implicitly acknowledged that India is prepared to 'deal with these sanctions' when they are passed. What helps is that India now has diversified its import sources to 40 countries, as opposed to 27 in the past, which means that India can reduce its imports from Russia, should the sanctions be passed. While diversifying imports to other countries can turn out to be slightly more expensive, a 500 per cent (or even 100 per cent) tariff rate would kill India's competitiveness with the only major trading partner with which India has a trade surplus. India will have to assess the probability of Trump keeping his word on the secondary tariffs. The oil spot markets called his bluff, as the price for Brent crude barely moved from $69 per barrel. If the secondary sanctions stick and Russian oil (which accounts for 10 per cent of the total global oil supply) is shut out of the global markets, the price could shoot up to $120 per barrel. This would derail Trump's domestic low-energy prices agenda. Moreover, if secondary tariffs on Chinese (mainly) and Indian goods stick, it would result in a significant increase in prices of imported goods and cause runaway inflation in the US. Will the acronym TACO (Trump Always Chickens Out) be validated again? Along with the threat of secondary tariffs, Trump has also separately imposed tariffs on auto and auto parts. He is also threatening tariffs on pharmaceutical imports and a 10 per cent additional tariff on all products from BRICS countries for attempting to 'destroy' the US Dollar. These additional tariffs would make the Indian side wary of signing a deal with the US, given that it may be superseded at any time by such ad hoc measures. A trade deal would mean very little if there's a new threat of tariffs every other day. To mitigate this, the Indian side would want explicit assurances that no new tariffs will be imposed once a Bilateral Trade Agreement is finalised. India should now insist on the agreement including renegotiation clauses, or compensation from its trading partner in case of a tariff increase. It could even insist on a clawback clause, which allows India to withdraw benefits if the US reneges on the deal. Though it would be rather foolhardy to speculate, it can be instructive to look at some of the other trade deals that the US has recently signed to get an idea of what may lie in store for India. Though some of these details are yet to be publicly confirmed, what we know so far is that trade deals with the UK, Vietnam, Indonesia, the Philippines, Japan and the EU have been finalised. The big takeaway is that a 10 per cent tariff rate is the new zero or the base rate. In addition, each country faces different additional tariffs. The UK pays no extra charges, while Vietnam faces an additional 10 per cent (bringing their total to 20 per cent, down from the originally threatened 46 per cent). Indonesia and the Philippines each pay an additional 9 per cent, resulting in total rates of 19 per cent (compared to threatened rates of 32 per cent and 20 per cent, respectively). Japan and the EU receive the most favourable treatment with only an additional 5 per cent, for a total rate of 15 per cent. In exchange for these negotiated rates, most of these countries have eliminated all tariffs on US products and opened their markets to American companies. Note that sectoral tariffs are exempted from the reciprocal tariffs. Thus, auto and auto parts tariffs of 25 per cent will apply on top of the base 10 per cent, but these countries have negotiated on some of these sectoral tariffs. Japan was able to reduce auto tariffs to 15 per cent, reduced from the threatened 25 per cent, and the UK got it reduced to 10 per cent. India should pay attention to this and negotiate on pharma and auto products to get exemptions. The writer is an Economics Professor at the Takshashila Institution, an independent and non-partisan think tank and school of public policy
Time of India
19-07-2025
- Business
- Time of India
What India can do if Russian oil supply stops
After Western nations imposed sanctions on Russia and stopped buying its oil due to its invasion of Ukraine in 2022, Russia's heavily discounted oil started flooding India , helping India keep inflation in check and economy stable amid all the global turbulence. India relies on imports to meet more than 85 per cent of its crude oil needs. While the Middle East was historically the main supplier, Russia has taken the lead in the past three years. But now India's steady supply of cheap Russian oil is under serious threat. Frustrated with Russian President Vladimir Putin 's double game of unabated attacks on Ukraine while appearing to be ready for a peace deal, US President Donald Trump announced early this week sanctions on buyers of Russian oil unless Russia agrees to a peace deal. Trump's threat of sanctions came with a 50-day grace period. 'We're very, very unhappy with (Russia). And we're going to be doing very severe tariffs if we don't have a (Ukraine peace) deal in 50 days. Tariffs at about 100 per cent , you'd call them secondary tariffs,' Trump said on Monday. NATO secretary general Mark Rutte also threatened India, China and Brazil with 100 per cent secondary sanctions if they continue doing business with Russia, even as he urged the leaders of these countries to press Putin to take peace talks with Ukraine seriously. Meanwhile, Senator Lindsey Graham is pushing for the Sanctioning Russia Act of 2025, a bipartisan legislative proposal that threatens an unprecedented 500 per cent tariff on all US imports from countries that buy Russian oil, gas, petrochemicals or uranium. Secondary tariffs mean that countries engaged in trade with Russia would face a 100 per cent tariff when exporting goods to the US. India and China are the top two buyers of Russian oil. Earlier, India had to yield to Trump's oil sanctions when it stopped buying oil from Iran in 2019 after Trump, during his previous term as president, threatened secondary sanctions on buyers of Iranian oil. Can India continue buying Russian oil? Petroleum and Natural Gas of India Hardeep Singh Puri on Thursday said India is unfazed by US sanction threats as oil markets remain well supplied, adding that the prices will come down. Commenting on the threat of secondary sanctions, the minister said, "Russia is 10 per cent of global production. We have the analysis that if Russia were not included, the prices would have gone to 130 dollars a barrel. Even Turkey, China, Brazil and even the EU have bought oil and gas from Russia." Last week, the minister had said India's continued purchase of crude oil from Russia helped stabilise energy prices globally, and halting oil trade from Russia would have spiralled crude prices to over $120-130 per barrel. "I'm not worried at all. If something happens, we'll deal with it," Puri has said. 'There are two possibilities: one, the whole world consumes 10 per cent less — which means some people won't get heating in winter; some won't get air conditioning in summer; some of the transport will stop flying,' Puri said. 'Or, you start buying more from the remaining 90 per cent (suppliers). You know what that would do to prices? The prices would skyrocket,' he said. Puri's comments indicate threats made by Trump and Nato of secondary sanctions may after all just be a negotiating tactic with Russia. As per a recent ET report, people familiar with the matter say that some NATO member states and European countries that have imposed sanctions against Russia continue to purchase Russian oil via third countries. The European Union plans to completely stop the import of Russian gas by 2027, but many nations still remain dependent on Russian gas and refined oil, they said, pointing out that in 2024, 18 per cent of the EU's natural gas imports came from Russia. Is Trump bluffing? The oil market barely reacted to Trump's threats of secondary sanctions on Tuesday, with Brent trading around $69 per barrel, similar to levels seen over the past week. As per an ET report, refinery executives said if implemented, the proposed tariff could effectively shut Russia out of the global oil market, pushing prices to $120 per barrel or more, derailing Trump's own low-energy-price agenda and fuelling global inflation. Russia exports about 4.5–5.0 million barrels per day (mbd) of crude oil, roughly 5 per cent of total global demand. In addition, it exports about 2 mbd of refined products. Conversely, if India and China were targeted with 100 per cent tariffs for continuing to buy Russian oil, the resulting spike in US import costs from these countries could burden American consumers and prove politically difficult for Trump to manage, executives said. 'This whole tariff game is about Trump trying to strike deals with countries, including Russia, not about disrupting energy trade or dealing with high inflation at home,' an executive told ET. Another executive said Trump's warning was just a ploy to induce seriousness in negotiations with Russia, whose leader Vladimir Putin has been following a dual-track strategy—engaging with Trump over the phone and talking of a peace deal, while simultaneously hammering Ukraine with an increasing barrage of missiles and drones. How India can manage without Russian oil If it really comes down to secondary sanctions, as threatened by Trump and Nato's Rutte, how will India manage without Russian oil which is now more than 33 per cent of India's total oil imports? According to a Centre for Research on Energy and Clean Air (CREA) analysis, since the ban on Russian oil, China has bought 47 per cent of Russia's crude exports, followed by India (38 per cent ), the EU (6 per cent ), and Turkiye (6 per cent ). In FY22, Russia made up just 2.1 per cent of India's oil imports. Come financial year 2024-25, Russia's share in India's value of oil imports is a staggering 35.1 per cent . In FY22, India bought $2,256 million of Russian oil - three years later that number stands at a whopping $50,285 million. India's oil imports from Russia rose marginally in the first half of this year, with private refiners Reliance Industries Ltd and Nayara Energy making almost half of the overall purchases from Moscow, according to data provided by sources to Reuters. India, the world's third-largest oil importer and consumer, received about 1.75 million barrels per day of Russian oil in January-June this year, up 1 per cent from a year ago, the data showed. Indian refiners expect that any move by Trump is unlikely to disrupt oil supplies but could wipe out the thinning discount on Russian crude, as traditional and new suppliers ramp up output, refinery officials told Reuters. Since secondary tariffs will apply to the whole country and affect all merchandise exports, unlike the scenario where only the entities doing business with sanctioned Russian entities are penalised, India will find it tough to continue buying Russian oil because sanctions will weigh heavier than the advantage India gets from buying Russian oil on which discount has now thinned. Indian refiners will have no other way than pivot towards its traditional West Asian suppliers and new players such as Brazil to make up for lost Russian supplies. These new barrels will, however, come at a higher cost, ranging around $4-5/barrel. Arranging alternative supplies will not be difficult, as 'there is enough energy available in the world,' according to oil minister Puri. 'Oil prices are still between $65 and $70,' he said. India is already diversifying its oil imports. Puri said that India has broadened its oil import network. India has diversified the sources of supplies from 27 to 40 countries now, he said. Data from S&P Global Commodity Insights showed India's crude imports from the US surged more than 50 per cent in the first half of 2025 compared to the same period last year, a sign that Indian refiners are once again warming up to non-OPEC sources. Shipments from Brazil saw the sharpest rise, growing 80 per cent year-on-year to 73,000 bpd from 41,000 bpd.
Time of India
18-07-2025
- Business
- Time of India
Oil sanctions: What can India do without Russian crude?
After Western nations imposed sanctions on Russia and stopped buying its oil due to its invasion of Ukraine in 2022, Russia's heavily discounted oil started flooding India , helping India keep inflation in check and economy stable amid all the global turbulence. India relies on imports to meet more than 85 per cent of its crude oil needs. While the Middle East was historically the main supplier, Russia has taken the lead in the past three years. But now India's steady supply of cheap Russian oil is under serious threat. Frustrated with Russian President Vladimir Putin 's double game of unabated attacks on Ukraine while appearing to be ready for a peace deal, US President Donald Trump announced early this week sanctions on buyers of Russian oil unless Russia agrees to a peace deal. Trump's threat of sanctions came with a 50-day grace period. 'We're very, very unhappy with (Russia). And we're going to be doing very severe tariffs if we don't have a (Ukraine peace) deal in 50 days. Tariffs at about 100 per cent , you'd call them secondary tariffs,' Trump said on Monday. NATO secretary general Mark Rutte also threatened India, China and Brazil with 100 per cent secondary sanctions if they continue doing business with Russia, even as he urged the leaders of these countries to press Putin to take peace talks with Ukraine seriously. Meanwhile, Senator Lindsey Graham is pushing for the Sanctioning Russia Act of 2025, a bipartisan legislative proposal that threatens an unprecedented 500 per cent tariff on all US imports from countries that buy Russian oil, gas, petrochemicals or uranium. Secondary tariffs mean that countries engaged in trade with Russia would face a 100 per cent tariff when exporting goods to the US. India and China are the top two buyers of Russian oil. Earlier, India had to yield to Trump's oil sanctions when it stopped buying oil from Iran in 2019 after Trump, during his previous term as president, threatened secondary sanctions on buyers of Iranian oil. Can India continue buying Russian oil? Petroleum and Natural Gas of India Hardeep Singh Puri on Thursday said India is unfazed by US sanction threats as oil markets remain well supplied, adding that the prices will come down. Commenting on the threat of secondary sanctions, the minister said, "Russia is 10 per cent of global production. We have the analysis that if Russia were not included, the prices would have gone to 130 dollars a barrel. Even Turkey, China, Brazil and even the EU have bought oil and gas from Russia." Last week, the minister had said India's continued purchase of crude oil from Russia helped stabilise energy prices globally, and halting oil trade from Russia would have spiralled crude prices to over $120-130 per barrel. "I'm not worried at all. If something happens, we'll deal with it," Puri has said. 'There are two possibilities: one, the whole world consumes 10 per cent less — which means some people won't get heating in winter; some won't get air conditioning in summer; some of the transport will stop flying,' Puri said. 'Or, you start buying more from the remaining 90 per cent (suppliers). You know what that would do to prices? The prices would skyrocket,' he said. Puri's comments indicate threats made by Trump and Nato of secondary sanctions may after all just be a negotiating tactic with Russia. As per a recent ET report, people familiar with the matter say that some NATO member states and European countries that have imposed sanctions against Russia continue to purchase Russian oil via third countries. The European Union plans to completely stop the import of Russian gas by 2027, but many nations still remain dependent on Russian gas and refined oil, they said, pointing out that in 2024, 18 per cent of the EU's natural gas imports came from Russia. Is Trump bluffing? The oil market barely reacted to Trump's threats of secondary sanctions on Tuesday, with Brent trading around $69 per barrel, similar to levels seen over the past week. As per an ET report, refinery executives said if implemented, the proposed tariff could effectively shut Russia out of the global oil market, pushing prices to $120 per barrel or more, derailing Trump's own low-energy-price agenda and fuelling global inflation. Russia exports about 4.5–5.0 million barrels per day (mbd) of crude oil, roughly 5 per cent of total global demand. In addition, it exports about 2 mbd of refined products. Conversely, if India and China were targeted with 100 per cent tariffs for continuing to buy Russian oil, the resulting spike in US import costs from these countries could burden American consumers and prove politically difficult for Trump to manage, executives said. 'This whole tariff game is about Trump trying to strike deals with countries, including Russia, not about disrupting energy trade or dealing with high inflation at home,' an executive told ET. Another executive said Trump's warning was just a ploy to induce seriousness in negotiations with Russia, whose leader Vladimir Putin has been following a dual-track strategy—engaging with Trump over the phone and talking of a peace deal, while simultaneously hammering Ukraine with an increasing barrage of missiles and drones. How India can manage without Russian oil If it really comes down to secondary sanctions, as threatened by Trump and Nato's Rutte, how will India manage without Russian oil which is now more than 33 per cent of India's total oil imports? According to a Centre for Research on Energy and Clean Air (CREA) analysis, since the ban on Russian oil, China has bought 47 per cent of Russia's crude exports, followed by India (38 per cent ), the EU (6 per cent ), and Turkiye (6 per cent ). In FY22, Russia made up just 2.1 per cent of India's oil imports. Come financial year 2024-25, Russia's share in India's value of oil imports is a staggering 35.1 per cent . In FY22, India bought $2,256 million of Russian oil - three years later that number stands at a whopping $50,285 million. India's oil imports from Russia rose marginally in the first half of this year, with private refiners Reliance Industries Ltd and Nayara Energy making almost half of the overall purchases from Moscow, according to data provided by sources to Reuters. India, the world's third-largest oil importer and consumer, received about 1.75 million barrels per day of Russian oil in January-June this year, up 1 per cent from a year ago, the data showed. Indian refiners expect that any move by Trump is unlikely to disrupt oil supplies but could wipe out the thinning discount on Russian crude, as traditional and new suppliers ramp up output, refinery officials told Reuters. Since secondary tariffs will apply to the whole country and affect all merchandise exports, unlike the scenario where only the entities doing business with sanctioned Russian entities are penalised, India will find it tough to continue buying Russian oil because sanctions will weigh heavier than the advantage India gets from buying Russian oil on which discount has now thinned. Indian refiners will have no other way than pivot towards its traditional West Asian suppliers and new players such as Brazil to make up for lost Russian supplies. These new barrels will, however, come at a higher cost, ranging around $4-5/barrel. Arranging alternative supplies will not be difficult, as 'there is enough energy available in the world,' according to oil minister Puri. 'Oil prices are still between $65 and $70,' he said. India is already diversifying its oil imports. Puri said that India has broadened its oil import network. India has diversified the sources of supplies from 27 to 40 countries now, he said. Data from S&P Global Commodity Insights showed India's crude imports from the US surged more than 50 per cent in the first half of 2025 compared to the same period last year, a sign that Indian refiners are once again warming up to non-OPEC sources. Shipments from Brazil saw the sharpest rise, growing 80 per cent year-on-year to 73,000 bpd from 41,000 bpd.
Time of India
18-07-2025
- Business
- Time of India
Oil sanctions: What can India do without Russian crude?
After Western nations imposed sanctions on Russia and stopped buying its oil due to its invasion of Ukraine in 2022, Russia's heavily discounted oil started flooding India, helping India keep inflation in check and economy stable amid all the global turbulence. India relies on imports to meet more than 85% of its crude oil needs. While the Middle East was historically the main supplier, Russia has taken the lead in the past three years. But now India's steady supply of cheap Russian oil is under serious threat. Frustrated with Russian President Vladimir Putin 's double game of unabated attacks on Ukraine while appearing to be ready for a peace deal, US President Donald Trump announced early this week sanctions on buyers of Russian oil unless Russia agrees to a peace deal. Trump's threat of sanctions came with a 50-day grace period. 'We're very, very unhappy with (Russia). And we're going to be doing very severe tariffs if we don't have a (Ukraine peace) deal in 50 days. Tariffs at about 100%, you'd call them secondary tariffs,' Trump said on Monday. NATO secretary general Mark Rutte also threatened India, China and Brazil with 100% secondary sanctions if they continue doing business with Russia, even as he urged the leaders of these countries to press Putin to take peace talks with Ukraine seriously. Meanwhile, Senator Lindsey Graham is pushing for the Sanctioning Russia Act of 2025, a bipartisan legislative proposal that threatens an unprecedented 500% tariff on all US imports from countries that buy Russian oil, gas, petrochemicals or uranium. Explore courses from Top Institutes in Select a Course Category Artificial Intelligence MCA Data Science Data Analytics PGDM Leadership Management Cybersecurity healthcare Healthcare Public Policy MBA Finance Digital Marketing Design Thinking Data Science Degree CXO others Product Management Project Management Operations Management Others Technology Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details Secondary tariffs mean that countries engaged in trade with Russia would face a 100% tariff when exporting goods to the US. India and China are the top two buyers of Russian oil. Earlier, India had to yield to Trump's oil sanctions when it stopped buying oil from Iran in 2019 after Trump, during his previous term as president, threatened secondary sanctions on buyers of Iranian oil. Can India continue buying Russian oil? Petroleum and Natural Gas of India Hardeep Singh Puri on Thursday said India is unfazed by US sanction threats as oil markets remain well supplied, adding that the prices will come down. Commenting on the threat of secondary sanctions, the minister said, "Russia is 10 per cent of global production. We have the analysis that if Russia were not included, the prices would have gone to 130 dollars a barrel. Even Turkey, China, Brazil and even the EU have bought oil and gas from Russia." Last week, the minister had said India's continued purchase of crude oil from Russia helped stabilise energy prices globally, and halting oil trade from Russia would have spiralled crude prices to over $120-130 per barrel. "I'm not worried at all. If something happens, we'll deal with it," Puri has said. Live Events You Might Also Like: 'Double standards': India claps back at NATO over sanctions warning on Russia oil deals 'There are two possibilities: one, the whole world consumes 10% less — which means some people won't get heating in winter; some won't get air conditioning in summer; some of the transport will stop flying,' Puri said. 'Or, you start buying more from the remaining 90% (suppliers). You know what that would do to prices? The prices would skyrocket,' he said. Puri's comments indicate threats made by Trump and Nato of secondary sanctions may after all just be a negotiating tactic with Russia. As per a recent ET report, people familiar with the matter say that some NATO member states and European countries that have imposed sanctions against Russia continue to purchase Russian oil via third countries. The European Union plans to completely stop the import of Russian gas by 2027, but many nations still remain dependent on Russian gas and refined oil, they said, pointing out that in 2024, 18% of the EU's natural gas imports came from Russia. Is Trump bluffing? The oil market barely reacted to Trump's threats of secondary sanctions on Tuesday, with Brent trading around $69 per barrel, similar to levels seen over the past week. As per an ET report, refinery executives said if implemented, the proposed tariff could effectively shut Russia out of the global oil market, pushing prices to $120 per barrel or more, derailing Trump's own low-energy-price agenda and fuelling global inflation. Russia exports about 4.5–5.0 million barrels per day (mbd) of crude oil, roughly 5% of total global demand. In addition, it exports about 2 mbd of refined products. Conversely, if India and China were targeted with 100% tariffs for continuing to buy Russian oil, the resulting spike in US import costs from these countries could burden American consumers and prove politically difficult for Trump to manage, executives said. 'This whole tariff game is about Trump trying to strike deals with countries, including Russia, not about disrupting energy trade or dealing with high inflation at home,' an executive told ET. Another executive said Trump's warning was just a ploy to induce seriousness in negotiations with Russia, whose leader Vladimir Putin has been following a dual-track strategy—engaging with Trump over the phone and talking of a peace deal, while simultaneously hammering Ukraine with an increasing barrage of missiles and drones. You Might Also Like: Oil executives brush aside Trump's tariff threat on Russian crude How India can manage without Russian oil If it really comes down to secondary sanctions, as threatened by Trump and Nato's Rutte, how will India manage without Russian oil which is now more than 33% of India's total oil imports? According to a Centre for Research on Energy and Clean Air (CREA) analysis, since the ban on Russian oil, China has bought 47% of Russia's crude exports, followed by India (38%), the EU (6%), and Turkiye (6%). In FY22, Russia made up just 2.1% of India's oil imports. Come financial year 2024-25, Russia's share in India's value of oil imports is a staggering 35.1%. In FY22, India bought $2,256 million of Russian oil - three years later that number stands at a whopping $50,285 million. India's oil imports from Russia rose marginally in the first half of this year, with private refiners Reliance Industries Ltd and Nayara Energy making almost half of the overall purchases from Moscow, according to data provided by sources to Reuters. India, the world's third-largest oil importer and consumer, received about 1.75 million barrels per day of Russian oil in January-June this year, up 1% from a year ago, the data showed. Indian refiners expect that any move by Trump is unlikely to disrupt oil supplies but could wipe out the thinning discount on Russian crude, as traditional and new suppliers ramp up output, refinery officials told Reuters. Since secondary tariffs will apply to the whole country and affect all merchandise exports, unlike the scenario where only the entities doing business with sanctioned Russian entities are penalised, India will find it tough to continue buying Russian oil because sanctions will weigh heavier than the advantage India gets from buying Russian oil on which discount has now thinned. Indian refiners will have no other way than pivot towards its traditional West Asian suppliers and new players such as Brazil to make up for lost Russian supplies. These new barrels will, however, come at a higher cost, ranging around $4-5/barrel. Arranging alternative supplies will not be difficult, as 'there is enough energy available in the world,' according to oil minister Puri. 'Oil prices are still between $65 and $70,' he said. India is already diversifying its oil imports. Puri said that India has broadened its oil import network. India has diversified the sources of supplies from 27 to 40 countries now, he said. Data from S&P Global Commodity Insights showed India's crude imports from the US surged more than 50 per cent in the first half of 2025 compared to the same period last year, a sign that Indian refiners are once again warming up to non-OPEC sources. Shipments from Brazil saw the sharpest rise, growing 80 per cent year-on-year to 73,000 bpd from 41,000 bpd.
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Business Standard
17-07-2025
- Politics
- Business Standard
'Cautions against double standards': MEA hits back at Nato chief's warning
Addressing a press conference in the national capital, MEA spokesperson Randhir Jaiswal said, 'We have seen reports on the subject and are closely following the developments' ANI Asia External Affairs Ministry on Thursday in a rebuttal to NATO chief Mark Rutte's remarks on the possibility of secondary sanctions on purchase of Russian oil said that securing energy needs of India was an an "overriding priority" for the country which is "guided by available offers" and "prevailing global circumstances." The Ministry of External Affairs further cautioned against "double standards" on the matter. Addressing a press conference in the national capital, MEA spokesperson Randhir Jaiswal said, "We have seen reports on the subject and are closely following the developments. Let me reiterate and I have said this in the past as well that securing the energy needs of our people is, understandably, an overriding priority for us. In this endeavour, we are guided by what is available in the markets, as well as by the prevailing global circumstances." "We would particularly caution against any double standards on the matter," the MEA Spokesperson said. The NATO Secretary General had in his recent remarks asked India, China, and Brazil to reconsider their purchase of oil from Russia or face the prospect of "100 per cent secondary sanctions". Rutte echoed the position taken by US President Donald Trump, who earlier this week threatened severe tariffs on countries maintaining trade with Russia. "My encouragement to these three countries, particularly, is that if you live now in Beijing or in Delhi, or you are the President of Brazil, you might want to take a look at this because this might hit you very hard," Rutte had said. The NATO chief had also urged India and the other countries to "make the phone call to Vladimir Putin and tell him that he has to get serious about peace talks" with Ukraine. "because otherwise this will slam back on Brazil, on India and on China in a massive way." US Senators Lindsey Graham and Richard Blumenthal have also pushed for the swift passage of the "Sanctioning Russia Act of 2025", which calls for imposing penalties and tariffs as high as 500 per cent on any country aiding Russia economically. They alleged that countries purchasing Russian oil and gas, including India, are "propping" up "Putin's war machine". Earlier today, Union Minister Hardeep Puri said that India has significantly broadened its oil import network and if Russian supplies were hit by secondary sanctions, there are many new suppliers coming onto the market. "India has diversified the sources of supplies from 27 to 40 countries now. 16 per cent of oil market growth has come from India, and studies show it may go up to 25 per cent," Puri said at an event in the national capital. Meanwhile, in his weekly press briefing today, on being asked about the India-EU FTA in the wake of the comments by the NATO Chief, Jaiswal said that the talks are progressing with 'good momentum' between the two. He said, "The talks are progressing very well. The last round, which is the 12th round happened in Brussels from 7-11 July. The next round of talks are scheduled to be held in September in New Delhi. As the leaders promised, it was reaffirmed when we had the visit of EU College of Commissioners. Both sides want this FTA to be concluded within this year, so it is progressing well, there is good momentum." During PM Modi's visit to Croatia in June this year, the leaders had welcomed the renewed momentum in the strategic partnership between India and the EU and had underscored the importance of concluding a mutually beneficial India-EU FTA within the course of the year, as agreed during the historic visit of the EU College of Commissioners to India in February 2025.
