The U.S. is a major importer of Indian products made from Russian oil
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The U.S. is a major importer of Indian products made from Russian oil
"Tariffs on many Indian-origin goods entering the United States have now been doubled to 50%. While India has long been seen by the U.S. as a bulwark against China, Indian goods now face some of the highest import taxes of products made anywhere in the world. The Trump administration asserts that the additional tariff is punishment for India's alleged funding and profiting off the Ukraine war by becoming a leading buyer of Russian crude oil at a discount and selling oil products the world over."
"The U.S. bought oil products worth an estimated $1.4 billion from India between January and July of this year, says the Finnish think tank Centre for Research on Energy and Clean Air (CREA). According to shipping data sourced by CREA, more than 90% of the Indian oil products imported by the U.S. came from the Reliance Industries refinery, owned by Asia's richest man, Mukesh Ambani."
"That means the U.S. is buying fuel made directly or indirectly from Russian oil, according to Isaac Levi, a researcher at CREA. Levi points out that the European Union recently banned imports of seaborne crude oil and refined oil products from Russia. He says, "The U.S. must follow suit if they want to stop sending hundreds of millions of dollars to the Kremlin war chest each year.""
Tariffs on many Indian-origin goods entering the United States have been doubled to 50%. The U.S. administration says the tariffs punish India for buying discounted Russian crude and profiting by exporting refined oil products worldwide. The U.S. bought an estimated $1.4 billion of Indian oil products between January and July, with over 90% of those imports traced to Reliance Industries' refinery, which sources nearly half its crude from Russia. Because those refined products can be made from Russian oil, researchers argue the U.S. continues to send money to the Kremlin and note the European Union has banned such imports.
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