Russia further slashes oil prices for India amid US tariffs

Russian crude oil has become even cheaper for India as Moscow has offered additional discounts of as much as $3–$4 per barrel. This came days after the United States announced a whopping 50 per cent tariff on Indian goods.

According to a Bloomberg report, Russia's Urals crude is being offered at a lower price for shipments scheduled for late September and October. The discount was widened to about $2.50 per barrel last week, up from around $1 in July.

The US initially announced 25 per cent levies on India but later hiked them to 50 per cent, asserting that it was a penalty on New Delhi for fuelling the Ukraine war by buying oil from Russia.

India, however, raised objections and called the US tariffs ‘unjustified’ and ‘irrational’, asserting that several countries, including the European Union and the US itself, were ardently importing goods from Russia, and targeting India was a ‘double standard’



approach.

Reacting over the row, India’s Ambassador to Russia, Vinay Kumar, said that India will continue buying oil from wherever it gets the best deal and take measures to protect its national interest.

Prime Minister Narendra Modi met Russian President Vladimir Putin on the sidelines of the SCO Summit in China. Following the summit on Monday morning, both leaders traveled together in the same car to the venue of their bilateral meeting.

"After the proceedings at the SCO Summit venue, President Putin and I travelled together to the venue of our bilateral meeting. Conversations with him are always insightful," PM Modi posted on X.

According to sources, the Russian leader waited for nearly 10 minutes so that Prime Minister Modi could join him in his car. Then both leaders travelled together in the car, conversing on various issues. They spent another 50 minutes in the car even after reaching the bilateral meeting venue.