US Sanctions Waivers Won't Change India's Russian Oil Import Strategy

Despite US President Donald Trump's proposed sanctions and tariff waivers on countries buying Russian oil, India is in no mood to make major changes in its current strategy. That is, despite Trump's waivers, India can continue to import large quantities of crude oil from Russia around the current level. The biggest reason for this is the discounts on Russian oil and its availability. In fact, Trump issued an executive order late on Friday night, relaxing some of the sanctions, restrictions and tariffs proposed under the new US law on Russia and Iran. This decision came just a day before the expiration of the 30-day deadline set in the law. The law provided for tariffs on goods coming from the five largest countries that buy crude oil and gas from Russia. However, this exemption is not limited to India, but it can also benefit other countries like China. India is among the largest crude oil purchasing agencies from Russia by sea, according to data from China, which monitors the movement of about 1.82 million barrels of oil per day.