Trump says India PM Modi assured him of no more Russian oil buying By Investing.com
Key Takeaways
- Donald Trump stated that PM Modi assured him India will gradually stop buying Russian oil.
- The assurance comes amid U.S. pressure regarding Russia's war in Ukraine.
- Trump criticized India and China for buying discounted Russian crude and plans to pressure China next.
- India previously faced a 50% trade tariff from Trump over trade issues.
- India may face higher oil prices, but falling global oil prices are expected to soften the economic blow.
Former President Donald Trump revealed to reporters at the White House that Indian Prime Minister Narendra Modi assured him that India will gradually stop purchasing oil from Russia, a move stemming from U.S. pressure over Moscow's invasion of Ukraine. Trump had previously criticized both India and China for capitalizing on discounted Russian crude, which he argued was funding Russia's war effort, and even imposed a 50% trade tariff on India in August. While India will likely face higher prices from alternative suppliers, an ongoing rout in global oil prices is anticipated to lessen the financial burden of this shift. Trump also mentioned his intention to lobby China to reduce its Russian oil imports as well. The announcement follows a recent meeting between Modi and Trump's nominee for Indian ambassador, Sergio Gor.
