Indian refiners, the top importers of Russian crude oil, are searching for alternative suppliers ahead of Friday’s summit between President Trump and his Russian counterpart Vladimir Putin.
Indian refiners, the top importers of Russian crude oil, are searching for alternative suppliers ahead of Friday’s summit between President Trump and his Russian counterpart, Vladimir Putin.
India, the world’s third-largest oil consumer, is looking to switch up its procurement process after Trump imposed a total 50% tariff rate on New Delhi, accusing the country of effectively fueling Russia’s war machine.
Oil importers are hedging their bets that even harsher punishments are in store for anyone who purchases petroleum from Moscow once Trump meets with Putin, with India’s state processor buying large bulk quantities of non-Russian crude this week to prepare for the worst, Bloomberg reported.
