
Russia’s weight is in the US-India Tariff
Russian President Vladimir Putin sent a message to India’s Prime Minister Narendra Modi on July 9, 2024 after a meeting at Kremlin in Moscow, Russia.
Gavri Grigorov | Via royators
On Tuesday, Russia weighed in a growing dispute between India and the US, and Kremlin said that New Delhi is free to choose its own business partner.
Washington and India’s leadership is based on the import of Russian oil, US President Donald Trump has threatened New Delhi if he continues to buy goods from Russia.
In the past few days, the Kremlin, a major business partner of India, has commented on Tuesday that Trump’s threat was “efforts to force countries to stop trade relations with Russia.”
Speaking to reporters on Tuesday, Kremlin’s press secretary Dimitri Peskov further said, “We do not consider such statements legal.”
“We believe that sovereign countries have the right to choose their own trade partner, trade and financial cooperation and select the trade and financial cooperation system for the benefit of a particular country.”
Disputes between Trump and New Delhi are being closely viewed by investors after Trump Threatened on Monday He is going to raise rates on India, though he did not specify high rate levels. The President had threatened 25% duties on Indian exports as well as an irrelevant “penalty” last week.
He also bought India’s discount Russian oil and alleged that “sold in the open market for a big profit”.
On Tuesday, Trump told the CNBC’s “Squalk Box” that in the next 24 hours, the rate may be increased to 25%.
“India is not a good commercial partner … so we settled up to 25%, but I think I am going to increase it in the next 24 hours, because they are buying Russian oil, they are fueling the war machines and if they are doing so, I will not be happy,” Trump said.
India again hit the United States again in the United States and accused the European Union of the Myosius.
“It is revealing that many nations criticizing India have been trade with Russia themselves. Like our case, such trade is not important for national compulsion (for them),” the Foreign Ministry said in a statement.
Western countries have used approval and import restrictions to disrupt Moscow’s oil export-generated revenue, which supplied the war machine against Ukraine. However, some Russian trading partners, especially India and China, have continued the purchase of Russian crude, which is widely dependent on their economy.
India and Russia’s trade relations have increased since Ukraine attacks in 2022; Russia became the leading oil supplier in India after the war started, the imports of less than 1,5,3 barrels increased daily before the attack – 1 of the total imports. In%of% – 223, 1.8 million barrels daily – up to%of the total imports, the US Energy Information Administration said earlier this year.
– CNBC’s Lim Hui Ji contributed to the story.
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