"After months of pressure over India's purchases of discounted Russian and sanctioned Iranian crude, New Delhi appears to have bowed to US President Donald Trump's demand by agreeing to phase out Russian oil imports and shift toward buying more barrels from the United States and potentially Venezuela. Trump said Monday on his Truth Social platform that Prime Minister Narendra Modi planned to "stop buying Russian oil," which the US president said would help end the war in Ukraine."
"Trump said India could buy $500 billion (424 billion) worth of US energy and coal, along with technology, agricultural and other products. Trump framed the move as a part of a broader trade deal under which the US would slash its tariffs on Indian goods from 50% to 18%, while India would cut its tariffs on American products to zero."
India agreed to phase out Russian oil imports and pivot toward buying more crude from the United States and potentially Venezuela. Proposed purchases could include roughly $500 billion of US energy and coal plus technology, agricultural and other products. The proposed trade adjustments envisage US tariffs on Indian goods falling from 50% to 18% while Indian tariffs on American products would be reduced to zero, and the additional US tariff levy on Indian goods would be scrapped. Indian imports of Russian crude have fallen by nearly a third to about 1.3 million barrels per day amid sanctions on Rosneft and Lukoil, and Indian firms are seeking more supplies from Canada and the US.
Read at www.dw.com
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