Trump signifies a potential escalation of economic pressures against Russia, focusing on restricting oil transactions with India.
The Trump administration has taken a significant step in its efforts to put pressure on Russia by imposing an additional 25% duty on India for its purchases of Russian oil. This move increases the total levies levied on New Delhi to 50%.
The new tariffs, effective from August 27, come after a 50% tariff was imposed on Russian crude imports by the Trump administration. The news was reported by PTI and published by Outlook News Desk.
The US President, Donald Trump, has declared his readiness to impose the "second phase" of sanctions on Russia, but he hasn't completed "phase two or phase three yet." The US Treasury Secretary, Scott Bessent, has predicted that if the US and EU impose additional sanctions on nations buying Russian oil, the Russian economy may collapse.
India, however, has defended its oil purchases as driven by market needs and national interest. The country has referred to the US tariffs as "unjustified and unreasonable." India has been the largest purchaser outside of China of Russian oil, and Trump has imposed secondary penalties on India for this reason.
In a call with Ursula von der Leyen, the president of the European Commission, President Trump and Vice President J D Vance discussed what the US and EU could do to increase pressure on Russia. The conversation reportedly centered on potential strategies to exert more pressure on the Russian government.
Bessent and Navarro, Trump administration officials, claim that India's imports of Russian oil are helping to fund Russia's war effort in Ukraine. However, India has been arguing that market forces and national interest dictate its energy procurement.
It is important to note that in August 2021, the US government did not announce a process or development that would have imposed a 50% tax on India for importing Russian crude oil; no such measure was implemented during this period.
The implementation of these tariffs is a significant development in the ongoing geopolitical tensions between the US, EU, and Russia. As the situation continues to evolve, it will be interesting to see how both India and Russia respond to these new economic pressures.
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