India's Russian oil imports will increase in September, despite US tariffs, Reuters reports
India's Russian oil imports are expected to increase by 10-20% in September, in spite of U.S. tariffs aimed at pressuring New Delhi into severing economic ties with Moscow.
After Russia first launched its full-scale invasion of Ukraine in 2022, India emerged as one the top buyers of Russian oil, along with China. The country accounts for more than a third of Moscow's total petroleum exports, supporting a critical revenue stream for the Kremlin's continued war in Ukraine.
According to trading sources that spoke to Reuters on the condition of anonymity, Indian refiners will reportedly increase Russian oil purchases in September by 10-20% from August levels, or by 150,000-300,000 barrels per day.
While India initially seemed to submit to Washington's pressure, with earlier reports indicating that the country was reducing Russian oil imports as U.S. tariffs took effect, this latest development suggests that New Delhi is keen to maintain economic ties with Russia.
New Delhi's defiance of U.S. trade pressure follows shortly after the latest round of tariffs kicked into effect on Aug. 27, bringing the total tariff rate to 50% on all Indian goods imported by the U.S.
U.S. President Donald Trump initially announced a 25% tariff on India starting Aug. 1, prompting Indian state refineries to quickly halt Russian oil purchases. On Aug. 6, Trump signed an executive order imposing an additional 25% duty on Indian goods — which came into effect yesterday — if the country continued buying Moscow's oil.
Meanwhile, Russia's war machine rages on, as the Kremlin continues to attack Ukrainian civilians on a regular basis. Most recently, Russia launched a large-scale aerial strike on Kyiv overnight on Aug. 28, killing at least 22 people, including four children.
