Trump Tariffs on India: Amid Donald Trump’s increasing pressure on India, the country’s state-owned refiners are cutting back from purchasing Russian crude for now, Bloomberg reported quoting sources with direct knowledge of these companies’ procurement plans.
The report comes a day after Donald Trump slapped an additional 25 per cent tariff on Indian imports citing its continued relationship with Russia despite its prolonged attack on Ukraine.
State-owned companies including Indian Oil, Bharat Petroleum and Hindustan Petroleum plan to bail out on spot purchases of Russian crude in the upcoming buying cycle until the government gives a clear guidance, the sources quoted by the news agency said.
The decision to skip purchasing the crude will affect buying of the Russia’s Urals cargoes for October-loading, the report said.
(This is a developing story. Check back for updates)