Indian state-owned refineries have stopped buying Russian crude over the past week, following Moscow’s reduction in price discounts and US President Donald Trump’s warnings about continued trade with Russia, industry sources said.
The halt in purchases came just days before Trump announced a 25% tariff on Indian imports starting Friday, August 1. He also signaled possible penalties related to India’s ties with Moscow.
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On June 14, Trump initially warned he would impose 100% secondary tariffs on countries trading with Russia unless Russian President Vladimir Putin shows solid progress towards a ceasefire in Ukraine. The original deadline was 50 days.
On Monday, July 28, Trump tightened his ultimatum, giving Putin just 10 to 12 days “from today” to initiate a ceasefire or face new US sanctions – the deadline was later confirmed to be Aug. 8.
On Wednesday, July 30, Trump imposed the promised 25% tariffs on Indian imports. While the tariffs were part of broader trade disputes, the timing hinted at growing US impatience over India’s energy and defense ties with Russia.
“Remember, while India is our friend, we have done relatively little business with them because their tariffs are far too high, among the highest in the world,” Trump wrote Wednesday on Truth Social.
Trump added in an all-caps message that the US has a “MASSIVE” trade deficit with India, which he accused of being Russia’s top buyer of energy and a major importer of Russian military equipment.
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According to a Reuters report citing people familiar with the matter, four state-run refineries in India have shifted to sourcing oil from suppliers in the Middle East and West Africa.
India is the world’s third-largest oil importer and had been the biggest buyer of Russian seaborne crude. While private companies in India continue to buy Russian oil, state-run refiners – which account for about 60% of the country’s total refining capacity, or 5.2 million barrels per day – have suspended orders.
Trade talks between India and the US have stalled since Trump returned to office in January. A deal has yet to be reached amid disputes over access to India’s agricultural and dairy markets.
The new 25% tariffs replace an earlier 10% rate. Trump has also threatened to raise tariffs on several other countries starting Aug. 1.
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