Indian refineries are not scared of Trump's tariff threats! Started buying oil from Russia again-report

International News: Despite US President Donald Trump's threat of imposing tariffs, Indian refinery companies have started buying oil from Russia again. India's leading refinery companies, Indian Oil and Indian Petroleum, have bought oil from Russia for September-October. Two company officials said on Wednesday that these purchases have started again after getting the discount.

News agency Reuters said in its report that the import of oil from Russia by Indian government refineries may affect China. It is the biggest buyer of oil from Russia. When Indian companies stopped buying oil from Russia, China increased its purchase, but now with India starting to buy oil again, the supply for China may decrease.

Trump has imposed heavy tariffs on India

US President Trump had threatened to impose an additional 25 percent tariff on Russian oil from August 27 to force India to stop importing oil from Russia. He wants to punish India if it does not do so. Indian refineries stopped buying in July after Russia offered low discounts and criticism from Washington.

Russia is giving a discount

Officials said that Russia has increased the discount on its major Ural crude to $3 per barrel. After this, Indian refineries are finding this offer very attractive. China has also increased its purchase of oil from Russia. Officials also informed that apart from Ural, Indian Oil has also purchased other Russian crude oils, including Varandey and Siberian Light. Indian companies do not comment on their crude oil imports.

Indian oil companies are not bowing down to Trump

On Monday, IOC told analysts that it would continue to buy Russian oil given the economic basis. Two analysts and a trader said that in recent weeks, Chinese refineries have bought 15 cargoes of Russian oil for delivery in October and November. Now it remains to be seen what the US's stance on this will be.