'Five per cent discount on oil sales, market open for India': Russia reaffirm strategic partnership with India

NEW DELHI: Russia will provide oil to India at a five per cent discount despite global trade pressures and sanctions, Russian Trade Representative to India Evgeny Griva said while speaking to reporters in Delhi along with Deputy Russian Ambassador to India Roman Babushkin.

Roman Babushkin said that the Russian Urals crude oil for export is being offered at a discount of up to $3, subject to negotiations, and that trade between the two countries has increased by seven times in recent years, with Russia supplying India with about 250 million tonnes of oil annually.

IOC and BPCL have renewed their contracts to buy crude oil from Russia for September-October. Russia's support for India comes as US President Donald Trump has repeated tariff threats. Following the 25 per cent tariff, the US has imposed an additional 25 per cent import duty on India for buying Russian oil. The threat remains as Trump looks to increase the tariff further to annihilate the Indian economy. The tariff came into effect on the 7th of this month. However, the duty on Russian oil will come into effect on the 27th.

Babushkin also said that if Indian products are hindered from entering the US market due to the tariff dispute, Russia will open its doors.

“Indian products are welcome in the Russian market. There is no need to worry. We are aware of the challenging situation India is facing and that there is a true strategic partnership between the two countries.’ said Babushkin.