Did Trump hit bull’s eye with tariffs? Why India, China may stop buying Russian oil — explained
AI Summary
US President Donald Trump's sanctions against Russia’s major oil firms Rosneft and Lukoil are expected to pressure India and China into reducing or stopping their crude oil imports from Russia. India currently faces 50% US tariffs on its Russian crude imports, with a specific 25% penalty tariff. The US has set November 21 as the deadline for concluding operations with these firms. Sanctions are more potent than tariffs because they can block financial transactions and freeze assets, complicating trade beyond increased costs. India and China imported around 1.6 million and 2 million barrels of Russian oil daily in September, respectively. The sanctions aim to reduce Moscow’s revenue without entirely halting exports.
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