31-August-2025
Economy News
 
India pauses Russian oil purchase, considers offering concessions on agri and dairy products: Report
08-Aug-2025

India’s state-owned oil refiners have stopped buying Russian crude for now, a Bloomberg report said citing people familiar with the matter. The decision has been reportedly taken after Trump announced on Wednesday that he is imposing new 25% tariff on Indian imports, blaming India’s continued purchase of oil from Russia. This is in addition to a similar 25% tariff announced last week, taking the tally to 50%. The new measures will take effect in about 20 days, leaving room for last-minute negotiations. According to the report, Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum have decided not to buy Russian oil from the open market for now. The companies are waiting for clear instructions from the Indian government before making further deals.

News Source:- https://www.financialexpress.com/policy/economy-india-pauses-russian-oil-purchase-considers-offering-concessions-on-agri-and-dairy-products-report-3940032/