New Delhi: US President Donald Trump on Friday claimed Russia had “lost” India as a major oil client following Washington’s steep tariff penalties, but signalled he may hold off on imposing additional secondary sanctions on nations still buying Russian crude — including India.
Speaking to Fox News aboard Air Force One en route to a high-stakes meeting with Russian President Vladimir Putin in Alaska, Trump said, “Well, [Putin] lost an oil client, so to speak — India — which was doing about 40 per cent of the oil. China, as you know, is doing a lot… And if I did what’s called a secondary sanction, or a secondary tariff, it would be very devastating from their standpoint. If I have to do it, I’ll do it. Maybe I won’t have to do it.”
The remarks come even as New Delhi has not confirmed any suspension of Russian crude purchases. On Thursday, Indian Oil Corporation Chairman A.S. Sahney reiterated that India continues to buy Russian oil based purely on economic considerations. Bloomberg, citing sources, claimed some state-owned refiners had paused imports, but no official decision has been announced.
On August 6, Trump escalated his trade offensive, slapping a fresh 25% duty on Indian goods over Russian oil imports — later doubling the rate to 50%, the highest for any US trading partner alongside Brazil. The duties, set to take effect August 27, target sectors such as textiles, marine products, and leather goods.
India denounced the move as “unfair, unjustified and unreasonable.” Prime Minister Narendra Modi vowed New Delhi would not yield to economic coercion. Russia, China and other nations have also criticised Washington for “illegal” trade pressure.
Trump’s nearly three-hour meeting with Putin at Joint Base Elmendorf-Richardson produced no breakthrough on ending the Ukraine war, though both leaders called the discussions “productive.” Asked afterwards whether secondary tariffs on India were still likely, Trump said: “Because of what happened today, I think I don’t have to think about that now. I may have to think about it in two or three weeks, but not right now.”
US Treasury Secretary Scott Bessent had warned earlier in the week that if the Alaska summit failed, Washington could raise secondary tariffs on India for continuing to buy Russian oil.
India became the largest buyer of Russian crude in 2022 after Western sanctions curtailed Moscow’s access to European markets. A State Bank of India report warns that halting Russian imports could raise India’s oil bill by USD 9 billion this year and USD 12 billion next year. Alternative suppliers include Iraq, Saudi Arabia and the UAE.
Market intelligence firm Kpler Ltd. says Russian crude remains attractive to Indian refiners due to discounted prices, though demand outlook is clouded by US threats and EU sanctions.
