Trump praises India’s reduced Russian oil imports

Donald Trump told reporters on Thursday from the White House that India has “largely stopped buying oil from Russia,” and if Prime Minister Narendra Modi sends him an invite, he’s ready to head back to New Delhi in ￰0￱ said trade talks are “going well” and used the moment to bring up his last trip to India, calling Modi “his friend” and a “great man.” This comes at a time when U. S. -India relations have been ￰1￱ connection between the two countries hit a wall in recent months, especially after a series of sharp disagreements over tariffs, visa fees, and Russia. Trump’s claim that he had brokered a peace deal between India and Pakistan didn’t help either, especially when India kept buying Russian ￰2￱ said that the “missing chemistry” between the two leaders played a role in weakening the ￰3￱ faces heavy tariffs as trade talks inch forward India’s goods are currently slammed with 50% tariffs by the U.

S. , that’s even worse than China’s 47% rate. Meanwhile, Indian professionals looking to work in the ￰4￱ cough up $100,000 for H1B ￰5￱ number alone has created a major roadblock in bilateral ￰6￱ now, negotiations are back on track, and according to Oxford Economics’ Alexandra Hermann, both sides believe a trade deal could land “by the end of the year, possibly even in the next few weeks.” If that happens, tariffs on Indian goods could drop to 20%, putting India on the same footing as countries like Vietnam, Thailand, and the ￰7￱ don’t expect ￰8￱ said the rate probably won’t go down to 15%, like Japan or South Korea, thanks to India’s continued ties with Russia, unresolved issues with agriculture, and its limited commitment to invest big in the ￰9￱ top of that, the ￰10￱ sanctions last month on Rosneft and Lukoil, two of Russia’s top oil ￰11￱ sanctions kick in on November 21, and they’re already having an ￰12￱ and Chinese refiners have started cutting down imports of Russian ￰13￱ to Reuters, the price gap between Russian oil and Brent is now at its widest in Asia in a year, as refiners from both countries scale back.

Still, India’s Petroleum and Natural Gas Ministry didn’t respond to CNBC when asked if the government was officially reducing Russian oil ￰14￱ the bigger picture? It’s ￰15￱ Pandey from Rystad Energy said straight up: “Over the long term, completely phasing out Russian oil isn’t realistic for India.” He pointed out that if Russian crude gets cheaper, India’s “economics first” strategy will be put to the ￰16￱ presses Orban on Hungary’s Russian oil use Trump isn’t just watching ￰17￱ Friday, he sat down with Hungarian Prime Minister Viktor Orban to talk about Hungary’s dependency on Russian ￰18￱ was their first one-on-one meeting since Trump got back to the White House in January, and Russia was front and ￰19￱ leaders are loud about their anti-immigration views, but Orban’s oil ties to Moscow put him in a tight ￰20￱ has been on a mission to pressure European countries to stop buying Russian oil to choke Moscow’s funding for its war in ￰21￱ Hungary hasn’t let go of Russian energy since the 2022 invasion, even with EU and NATO allies criticizing the ￰22￱ of the meeting, Hungarian officials said Orban wanted to push for a U.

S. -Russia dialogue and possibly get exemptions from ￰23￱ ￰24￱ had earlier said he’d meet Vladimir Putin in Budapest, but the Kremlin pulled back after rejecting a ceasefire. “All diplomatic negotiations are hard,” Orban told Hungarian state media, “but I expect a friendly and easy negotiation.” Sign up to Bybit and start trading with $30,050 in welcome gifts