India is finally actually preparing to reduce its Russian oil imports as Washington moves closer to finalizing a major trade agreement that could drop tariffs on Indian goods from 50% down to 15%–16%, according to a report by Mint on 0 of course comes after months of tense negotiations that tied trade relief directly to New Delhi’s willingness to distance itself from Moscow’s oil 1 sealed, the deal will be one of the biggest tariff cuts under the Trump administration, which has repeatedly pushed India to fall in line with 2 on Russia since the invasion of 3 part of the broader framework, India can also expand its import quota for non-genetically modified corn from the U.
S., currently capped at 0.5 million tonnes a year, while maintaining a 15% import 4 are also working on a mechanism allowing both nations to revisit tariff and market access terms periodically as conditions change, according to the 5 and Modi hold tense oil talks On Tuesday, President Donald Trump told reporters aboard Air Force One that Prime Minister Narendra Modi had assured him over the phone that India would scale back its Russian oil purchases. “He’s not going to buy much oil from 6 wants to see that war end as much as I do,” Trump said, adding that New Delhi would keep paying “massive” tariffs if it failed to 7 later, Modi confirmed the phone call in a post on X, saying he hoped both nations would continue to “stand united against terrorism in all its forms,” though he avoided mentioning the oil issue 8 had made similar claims about a prior conversation with Modi last week, which India’s foreign ministry later 9 to questions on Thursday, a ministry spokesperson said: “India is a significant importer of oil and 10 has been our consistent priority to safeguard the interests of the Indian consumer in a volatile energy 11 import policies are guided entirely by this objective.” Tariffs, Russian oil, and a fragile deal The dispute over Russian oil has been one of the biggest sticking points in the long-running trade talks between Washington and New 12 August, Trump slapped an extra 25% penalty tariff on Indian exports, raising total duties to 50% as punishment for continued purchases of Russian 13 move almost derailed negotiations entirely, with Indian officials insisting that any reduction in Russian imports must come with clear plans to stabilize global supply and prevent price 14 this year, both countries agreed to boost bilateral trade to $500 billion by 2030, but discussions broke down in February after India rejected 15 to expand access to its agriculture and dairy 16 took another hit when Modi met with Russian President Vladimir Putin and Chinese President Xi Jinping in Beijing last month, a meeting seen by Washington as a signal that India wasn’t ready to pull away from Moscow.
Still, momentum has picked up 17 this week described Modi as a “great friend” and said progress on the deal was “very good.” The final version is expected to be presented to both leaders at the ASEAN summit later this month, though neither has confirmed 18 reported that most of the framework has been finalized, with only politically sensitive areas, like agriculture and energy, awaiting final clearance. Meanwhile, India’s Ministry of Commerce and Industry, the 19 of Commerce, and the 20 Representative have yet to 21 data shows that 22 hit a record $132.2 billion in the fiscal year ending March 2025, up more than 10% from the previous year.
India’s exports rose 11.6% to $86.51 billion, while imports from the 23 8% to $45.69 24 the numbers, the energy puzzle 25 2022, India has become the second-largest buyer of Russian crude after China, importing 1.6 million barrels a day in the first half of this year, up from just 50,000 barrels per day in 2020, based on data from the 26 Information 27 that number drops will depend on how fast the trade deal is sealed—and how much pressure Trump is ready to 28 up to $30,050 in trading rewards when you join Bybit today
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