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China, India may need new oil options if Trump moves on Russia ‘secondary tariffs’ threat
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China and India are the two largest purchasers of Russian oil following Western sanctions on Russia.
PHOTO: REUTERS
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- Trump threatens tariffs on nations buying Russian oil, impacting China and India, who are major importers after Western sanctions.
- China opposes tariffs, viewing them as "illegal unilateral sanctions" that harm global trade, while India adopts a "wait-and-watch policy".
- Tariffs could cause a global oil price spike, potentially benefiting Middle Eastern suppliers, as China and India seek alternative sources.
AI generated
BENGALURU/BEIJING - China and India stand to bear the brunt of US President Donald Trump’s threat of 100 per cent “secondary tariffs”
As the two largest purchasers of Russian oil following Western sanctions on Russia for invading Ukraine in early 2022, Beijing and New Delhi receive the bulk of the estimated more than seven million barrels of crude oil and refined products that Moscow exports each day.
