Trump issued a "tariff warning" to India: Stop buying Russian oil, otherwise huge tariffs are inevitable!

President Trump of the United States once again claimed on Sunday that Indian Prime Minister Modi had promised to stop buying Russian oil, while warning that if India did not fulfill the commitment, he would continue to impose "huge" tariffs on them. "I spoke to Indian Prime Minister Modi, and he said they will no longer be buying Russian oil," Trump said on Air Force One. When asked about India's statement that they were not aware of any conversation between Modi and Trump, Trump responded: "But if they insist on saying that, then we will continue to impose high tariffs, which they clearly do not want to do." The issue of Russian oil has always been a core point of contention in the long-standing trade negotiations between the U.S. and India. Half of the 50% tariffs imposed by Trump on Indian goods were aimed at countering India's purchase of Russian oil. The U.S. government claims that oil revenue supports Russia in the conflict with Ukraine. After the outbreak of the Russia-Ukraine conflict in 2022, Western countries stopped buying Russian oil and imposed sanctions on Russia. As a result, India became the largest buyer of discounted Russian oil. Trump had stated on Wednesday that Modi had promised to stop buying Russian oil on that day. However, the Indian Ministry of External Affairs stated that they were not aware of any phone conversation between the two leaders that day, and that India's core concern is "protecting the interests of Indian consumers." A White House official stated on Thursday that India had cut its purchases of Russian oil in half, but Indian sources said that there has been no immediate decrease in purchases observed. Sources revealed that Indian refineries have placed orders for oil shipments in November, with some of the oil expected to arrive in December. Therefore, any decrease in oil imports may only become apparent in the import data for December or January next year. Commodity data company Kpler estimates that due to the increase in Russian oil exports following drone attacks on Russian refineries in Ukraine, India's imports of Russian oil this month are expected to increase by around 20%, reaching 1.9 million barrels per day.