Will the India-US Trade Pact Impact Russian Oil Supplies? Goyal Explains What It Means for India
Piyush Goyal opens up on how the India-US Trade Deal Could Affect the Russia Oil Arrangement: After the recent India–US trade deal, there is debate over whether India will stop buying Russian oil. The US claims it has removed a 25% extra tariff after India agreed to stop purchasing Russian oil, but India has not officially confirmed this.
A White House order says India will not buy oil from Russia and that the tariff could return if it does. However, the India–US joint statement did not mention Russia. It only said India will buy $500 billion worth of energy and other goods from the US over five years.
When asked, Union Minister Piyush Goyal did not give a clear answer and said the Ministry of External Affairs (MEA) would respond. He did confirm that India will not reduce duties on US agricultural products.
The MEA said India’s priority is energy security for its people and that oil purchases depend on market conditions and national interest.
Recent data shows India has reduced oil imports from Russia and increased imports from the US, but it has not completely stopped buying Russian oil.
