The Kremlin announced today that India has not notified it of any suspension of purchases of Russian oil.
Meanwhile, credit rating agency Moody’s reported that the trade deal signed between India and the US will not lead to an immediate halt to India’s purchases of Russian oil.
“India is unlikely to suspend all imports of Russian crude oil immediately after signing a trade agreement with the United States, as such a step would hinder India’s economic growth and lead to higher domestic inflation,” the agency said in a comment.
stop and inflate
According to Moody’s, given that India is one of the world’s largest oil importers, a complete halt to purchases of Russian crude oil could reduce energy imports from other countries, leading to higher prices and higher inflation.
Bloomberg reported that Indian oil companies have asked the government to clarify its position on purchasing crude oil from Russia.
Reduced fees
US President Donald Trump announced that the US and India have reached an agreement on bilateral trade terms, explaining that the US intends to reduce tariffs from 25% to 18%.
President Trump confirmed that Indian Prime Minister Narendra Modi has agreed to halt purchases of Russian crude oil and switch to buying fuel from the United States and possibly Venezuela as well.
