US government steps up criticism of India over purchases of Russian Oil – Commerzbank
|The White House's trade adviser, Navarro, harshly criticized India for its purchases of Russian Oil in an opinion piece in the Financial Times, Commerzbank's commodity analyst Carsten Fritsch notes.
US punitive tariffs of 25% against India are set to come into force
"He accused India of acting as a global clearinghouse for Russian Oil, converting embargoed Russian Oil into high-value exports and giving Moscow the dollars it needs to finance the war in Ukraine. Such harsh accusations have not yet been levelled at China, even though China imports at least as much Oil from Russia as India."
"In July, China's Oil imports from Russia stood at 1.8 million barrels per day, while India imported 1.4 million barrels per day from Russia, as reported by the IEA last week. However, both figures were slightly lower than in the previous month."
"In just over a week, the US punitive tariffs of 25% against India are set to come into force. Following Navarro's latest comments, it is unlikely that these will be suspended."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.