"India is not importing significant amounts of Iranian oil owing to US sanctions, as it turned to Russia for supplies. United States President Donald Trump claims India will now buy Venezuelan oil after tussles last year over the South Asian country's significant imports of Russian crude. India is coming in, and they're going to be buying Venezuelan oil as opposed to buying it from Iran."
"India has not been importing significant amounts of Iranian oil owing to US sanctions that have squeezed exports, but turned to Russia for supplies after Western penalties over the Ukraine war drove down the cost of crude. The US president, who has said his country intends to control Venezuela's oil sales and revenues indefinitely after abducting former leader Nicolas Maduro last month, had put pressure on India to stop buying Russian oil."
"Back in August, amid efforts to pressure Moscow to negotiate a peace deal in Ukraine, Trump had doubled tariffs on Indian exports to the US to 50 percent to discourage New Delhi from buying Russian oil. US Treasury Secretary Scott Bessent signalled in January that the additional 25 percent tariff on Indian goods could be removed, given what he called a sharp reduction in Indian imports of Russian oil."
India curtailed imports of Iranian oil because US sanctions squeezed Iranian exports. India turned to Russian crude after Western penalties over the Ukraine war reduced Russian prices. President Trump asserted that India will buy Venezuelan oil rather than Iranian oil and indicated a conceptual deal exists. The US pressured India to stop buying Russian oil, doubling tariffs on Indian exports in August to discourage Russian purchases. US Treasury signals later allowed removal of an extra tariff because Indian Russian-oil imports fell. The US also eased some Venezuela oil sanctions to facilitate sales and product flow.
Read at www.aljazeera.com
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