US to cancel 25% duty on Indian oil from Russia

The United States announced the cancellation of a 25-percent tariff previously imposed on India's imports of oil from the Russian Federation. The United States Trade Representative's trade committee confirmed that the measure will take effect soon, although details of its implementation are not yet disclosed. According to The Washington Post, the decision is linked to relieving the sanctions burden placed on the Russian energy industry, which previously increased India's dependence on supplies from the country. The removal of the tariff is expected to reduce logistical and financial barriers for Indian companies importing Russian oil.

At the beginning of 2024, the United States strengthened economic restrictions against Russia, including imposing additional tariffs on energy resources. In response to those measures, India stated the need to protect its interests in the energy market, but now U.S. authorities have the opportunity to reconsider certain trade barriers.

Please note that the current information is based on a publication by The Washington Post and may be updated following the announcement.

Context

At the beginning of 2024, the United States intensified sanctions against Russia, introducing additional tariffs on oil imports, which affected trade relations with India.