The tariff rate on India doubled overnight in a bid to discourage the country from continuing to buy cheap Russian oil, a major source of funds for Moscow’s war against Ukraine.
U.S. President Donald Trump has delivered his promised secondary sanctions against the Russian economy for its invasion of Ukraine, punishing Russia’s customers rather than trying to damage the country directly, as has been the basis for Western sanctions through the war to this point. India, which was already operating under a 25 per cent tariff as of earlier this month, has had an additional 25 per cent punishment rate for being a major customer of Indian oil…
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