Moscow, Aug 9
US President Donald Trump's imposition of tariffs on India is both "unfair and unworkable", especially when Europe remains the world's largest importer of Russian energy in dollars and the biggest contributor to Russian revenues, a report in Britain's leading newspaper has cited.
It stated that India has adhered to the rules by purchasing Russian oil at capped prices, refining it, and exporting a significant portion to the European market. However, the problem lies, if India were to stop buying Russian crude, a worldwide oil price panic would quickly follow. At present, Moscow ranks as the world’s second biggest oil exporter after Saudi Arabia, shipping 4.5 million barrels of crude daily to international markets.
According to the report, in March 2022, shortly after Russia invaded Ukraine, concerns over Russian oil being pushed out of the market caused Brent crude prices to surge to $137 per barrel – nearly twice the projected prices of 2025. Analysts warn that a similar panic would drive the price to $200 per barrel.
"Witkoff, a real estate developer and golfing buddy of Trump's, brings no Russia expertise to the table. But he will deliver the one concrete threat that his boss in the White House has articulated – to impose trade tariffs on India to punish it for importing Russian oil," the report noted