29 July
Trump’s proposed tariffs on Russian oil are forcing India to seek alternative suppliers
Indian refiners have rushed back to the market to secure alternative crude supplies after US President Donald Trump’s proposed restrictions on Russian oil sparked fears of supply disruptions, Bloomberg reports.
On Sunday, the US President pledged to impose secondary tariffs on buyers of Russian energy, sending oil prices higher. West Texas Intermediate (WTI) crude surged 3.1%, its biggest gain in nearly 11 weeks, the agency notes.
India is highly reliant on Russian oil imports, which accounted for nearly 40% of its total crude supplies in 2024. The South Asian country primarily purchased Urals oil. In recent years, India has shifted away from Middle Eastern and African oil suppliers, capitalizing on cheaper Russian crude.
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