The move reportedly comes amid a dip in Indian purchases following Trump’s tariff threats
Chinese oil refineries have ramped up imports of Russian crude after India scaled back purchases under US tariff pressure, CNN reported on Wednesday, citing analysts.
China and India became the top buyers of Russian oil after Western sanctions hit Moscow following the escalation of the Ukraine conflict in 2022. US President Donald Trump recently imposed a 25% tariff on Indian imports, effective August 27, citing New Delhi’s continued oil trade with Russia, on top of an earlier 25% duty issued after India and the US failed to reach a trade deal. The new measure has reportedly led India’s state refiners to temporarily halt Russian crude imports, which previously made up 36% of national supply.
Muyu Xu, senior crude analyst at Kpler, told CNN that China’s state-owned and major private refiners have purchased about 13 cargoes of Russian crude for October and at least two for November, to be shipped from Russia’s Arctic and Black Sea ports, routes that usually serve India.
Xu called the move “opportunistic,” citing Russian crude’s $3-per-barrel discount over Middle Eastern alternatives, and predicted China will likely continue to step up imports as Trump is “still pressing hard” on India. While Trump has said he may impose tariffs on China for buying Russian oil as well, he told Fox News last week he wasn’t considering it immediately.
Indian refiners have not commented publicly, although Bloomberg and Reuters reported on Wednesday that India has resumed Russian oil purchases after a brief pause, and that Indian Oil and Bharat Petroleum this week secured shipments for September and October. India has denounced Trump’s tariffs as “unfair, unjustified, and unreasonable,” repeatedly pledging to prioritize energy security over politics.
At an intergovernmental meeting on Wednesday, Russian Deputy Prime Minister Denis Manturov confirmed Moscow continues to supply crude and petroleum products to India.
READ MORE:
Trump imposed ‘sanctions’ on India to end Ukraine conflict – White House
Indian Foreign Minister S. Jaishankar, who co-chaired the talks during his three-day visit to Moscow, praised bilateral ties and urged Russian firms to deepen cooperation with Indian businesses. Both sides agreed to diversify economic engagement and reaffirmed a goal to reach $100 billion in bilateral trade by 2030.
You can share this story on social media:
Read the full article here