The price of Russian crude for India has dropped further, with Urals grade oil being offered at a $3–4 per barrel discount for September-October cargoes, Bloomberg reported. This comes as India faces the burden of the Trump administration’s recent decision to double tariffs to 50% in retaliation for its Russian oil imports.
Since 2022, New Delhi has emerged as a key buyer of Russian crude, despite repeated criticism from Washington. White House advisor Peter Navarro accused India of “fuelling Putin’s war machine” by refining discounted Russian oil and reselling it abroad.
India has pushed back, asserting that no sanctions prohibit such purchases and noting that even US refiners benefit from Russian crude indirectly.
According to NDTV, despite a brief pause in August, Indian refiners have resumed buying, lured by steep discounts compared to US crude, which is trading at a $3 premium.
At the SCO summit, PM Modi reaffirmed India’s “special” ties with Russia while engaging Chinese President Xi Jinping, signalling strategic defiance.
