India delivered a b response to the US in August by increasing its Russian oil imports. India's imports amounted to 2.9 billion Euros, close to China's 3.1 billion Euros. Despite US pressure and an additional 25% tariff, India continued its purchases from Russia, clarifying that singling out India is unfair.
Crude oil import: India sent a clear message in August by increasing its oil imports from Russia, despite US pressure and additional tariffs. According to a report by the Centre for Research on Energy and Clean Air, based in Finland, India purchased 2.9 billion Euros worth of crude oil from Russia, which is nearly equivalent to China's import of 3.1 billion Euros. While India's imports in July were 2.7 billion Euros, China's imports have decreased. India maintains that targeting only them is wrong, while China, Europe, and other countries are also purchasing significant amounts of energy from Russia.
India's oil imports increased in August
According to a report by Finland's Centre for Research on Energy and Clean Air, India imported 2.9 billion Euros worth of crude oil from Russia in August. This figure is almost equivalent to China's import of 3.1 billion Euros. This means India has now come close to China in purchasing oil from Russia. In July, India's oil imports were 2.7 billion Euros, while China's imports were 4.1 billion Euros at that time. The reduction in China's imports in August further narrowed the gap between India and China.
US pressure and India's stance
The United States has consistently stated that India's Russian oil imports provide financial support to Russia for the Ukraine war. Based on this argument, the US imposed an additional 25% tariff on Indian exports from August 27th. Surprisingly, no such action has been taken against China or other Russian oil buyers. India has registered its protest, calling this discrimination unfair. India argues that if purchasing oil from Russia is a problem, then why is only India being targeted?
US also pressuring Europe
US President Donald Trump has appealed to the European Union to impose tariffs of up to 100% on goods from China and India. He believes that such a move could compel these two countries to reduce their energy imports from Russia. However, the EU itself is importing energy from Russia, which often brings the US's arguments under scrutiny.
China still the largest buyer
China remained the top purchaser of energy from Russia in August. China imported a total of 5.7 billion Euros worth of fossil fuels. This included 553 million Euros of oil products, 55 million Euros of coal, and 676 million Euros of pipeline gas. India ranked second in this regard with imports worth 3.6 billion Euros. This also included 510 million Euros of coal and 282 million Euros of refined products.
Turkey and the EU's position
Turkey emerged as the third-largest buyer of fossil fuel imports from Russia. In August, it imported 3 billion Euros, which included 1.2 billion Euros of pipeline gas and approximately 596 million Euros of crude oil. The European Union ranked fourth, with imports worth 1.2 billion Euros, including 773 million Euros of LNG and pipeline gas, and 379 million Euros of crude oil.
