Bloomberg: India to cut purchases of Russian oil due to the announced 50% US duty

Indian refineries plan to reduce purchases of Russian oil in the coming weeks. About writes Bloomberg, citing sources in the energy industry.

According to the agency, purchases will drop to 1.4-1.6 million barrels per day starting in October, which is less than the 1.8 million barrels per day that India bought on average in the first half of the year.

The decision coincided with the US announcement that it would double tariffs on Indian imports to 50%, effective August 27.

Administration Donald Trump is trying to reduce the trade deficit with India and reduce the financing of Russia's war against Ukraine through oil sales.

India currently buys about 37% of Russia's total oil exports, whereas before 2022 these volumes were minimal.

However, the country does not plan to completely abandon Russian raw materials, and sees the reduction in purchases as a partial concession to Washington.

• On August 6, US President Donald Trump signed a decree introducing penalties against India for purchases of Russian oil.
• India announces additional 25% duty on Russian oil unfair, unreasonable and irrational and promised to protect its interests.
• In early August, India's state-owned refineries temporarily suspended procurement of Russian oil, but Russia started offering large discounts, so supplies were restored.