President Donald Trump has indicated that the US will not impose secondary fees on countries continuing to buy crude oil from Russia. There were fears that if the US had decided to levy additional secondary fees, it would have an impact on India.
Trump said on Friday, “He (Russian President Vladimir Putin) has lost an oil customer, which is India, producing about 40 percent oil. As you know, China is doing a lot … and if I imposed a secondary restriction or secondary tariff, it would be very destructive from his perspective. If I had to do so, I would not have the need to do so.”
The US President said this in an interview to Fox News in Air Force One, while going to Alaska for an important summit with Putin. The meeting ended without any agreement when the Russia-Ukraine war ended.
On Wednesday, US Finance Minister Scott Besent said that if the “things are not good” between Trump and Putin in the summit, then the secondary sanctions on India to buy Russian oil may increase.
In an interview to Bloomberg, Besant said, “I think everyone is disappointed with President Putin. We expected that he would come more openly to the conversation table. It seems that he could be ready for the conversation.”
He further said, “And we have imposed additional charges on Indians for buying Russian oil. And I can see that if things are not good, the restrictions or additional charges may increase.”
On the question of whether the restrictions can be increased or reduced, Besant said, “The restrictions can be increased, they can be reduced. They may have a certain period. They may continue indefinitely.”
Trump imposed a total of 50 percent tariff on India, including 25 percent tariff on the purchase of Russian oil, which will be applicable from August 27.
Reacting to Tariff, the Ministry of External Affairs has said that targeting India is unfair and indiscriminate. The ministry said, “Like any major economy, India will take all necessary measures to protect its national interests and economic security.”
