Trump's tariff warning targets Russian oil buyers
Donald Trump announced the possibility of imposing tariffs on countries buying Russian oil, which could affect China and India, reports "The Guardian." Indian refineries have already started looking for new suppliers from regions such as the Middle East, the North Sea, and the Mediterranean.
Donald Trump is considering imposing tariffs ranging from 25-50 percent on countries purchasing Russian oil, which may impact China and India. According to "The Guardian," the US president expressed frustration with Vladimir Putin's actions and indicated that if no agreement is reached, sanctions could be implemented within a month.
China and India, which are not participating in sanctions against Russia, may feel the effects of potential tariffs.
India as the largest importer
India has become the largest recipient of Russian oil transported by sea. In 2024, it accounted for 35 percent of India's total oil imports.
As Bloomberg notes, Indian refineries are already seeking supplies from the spot market, other than Russian. State-owned Bharat Petroleum Corp. and Hindustan Petroleum Corp. are hoping for additional deliveries in May from regions such as the Middle East, the North Sea, and the Mediterranean, agency sources claim.
According to data collected by LSEG Oil Research, in March, India is set to import approximately 242,000 cubic metres of Russian oil per day. Replacing it would lead to a significant increase in India's oil import costs, states Reuters.
Will China resist?
According to the agency's analysis, China is less likely to succumb to US pressure.
Despite sanctions, the US remains the only major buyer of Iranian oil. They are still the largest importer of Russian oil, purchasing up to 159,000 cubic metres daily on the maritime market, and somewhat less through pipelines, notes Reuters.
