Russia has asserted that it will continue to export oil to India and offered a 5% discount to New Delhi. The offer comes even as the United States continues to exert pressure and impose sanctions on India. Evgeniy Griva, Russia’s Deputy Trade Representative to India, said, “There will be a 5 per cent discount, subject to negotiation, on Russian crude oil purchases to India.”
Griva added that, "Despite the political situation, approximately the same level of oil will be imported by India." He said, "As for discounts, it's a commercial secret. I think, because it's usually just dialogue between businessmen and approximately usually 5%. It's fluctuating, but usually it's plus-minus 5%."
He was joined by Russian Deputy Chief of Mission Roman Babushkin, who said that although it is a "challenging situation" for New Delhi, "we have trust in our ties". He also said, "We are confident that India-Russia energy cooperation will continue notwithstanding the external pressure."
Simultaneously, India has been accused by the United States of indirectly financing the Ukraine conflict by purchasing Russian oil. This resulted in Washington levying a 50% tax on Indian imports related to these transactions. White House trade adviser Peter Navarro, “India acts like a global clearinghouse for Russian oil, transforming embargoed crude into high-value exports while giving Moscow the dollars it needs."
India criticized Washington’s decision, calling it “unfair, unjustified and unreasonable,” and warned that the steep tariffs could hit its major export sectors, such as textiles, marine products and leather, hard.
Prime Minister Narendra Modi has insisted New Delhi would not give in to economic coercion.
On Tuesday, White House Press Secretary Karoline Leavitt explained that President Donald Trump’s decision to impose tariffs on India was meant to deter Russia from continuing its offensive in Ukraine. She said at a briefing the sanctions were used to put additional secondary pressures on Moscow.
"Look, the president has put tremendous public pressure to bring this war to a close. He's taken actions, as you've seen, sanctions on India and other actions as well. He's made himself very clear that he wants to see this war end, and he has scoffed at the ideas of others that have been raised that we should wait another month before any meeting takes place" she said.
Previously, the United States had warned of sanctions against Moscow and secondary sanctions against countries that continued to import oil from Russia if no action was taken to stop the war in Ukraine. Presently, China and India are the two largest buyers of Russian crude.
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