Trump says Modi has agreed to stop buying Russian oil

Danielle KayeBusiness reporterWatch: Trump says Modi “assured” him India would now not purchase Russian oilPresident Donald Trump has stated Indian Prime Minister Narendra Modi has agreed to cease shopping for Russian oil, because the US seeks to place financial stress on the Kremlin as a part of efforts to finish the battle in Ukraine.Trump advised reporters he had acquired assurances from Modi that India would halt its purchases “inside a brief time period”, which he referred to as “a giant cease”. A spokeswoman for the Indian embassy in Washington DC wouldn’t remark. The US president has sought to leverage India’s purchases of Russian oil in his commerce battle, however Delhi has resisted, making a diplomatic rift. Oil and gasoline are Russia’s largest exports, and Moscow’s largest clients embody China, India and Turkey.”Now I’ve acquired to get China to do the identical factor,” Trump stated within the Oval Workplace on Wednesday, as a part of his administration’s broader push to chop off Moscow’s vitality funding.The Trump administration can also be pushing Japan to cease importing oil and gasoline from Russia, and US Treasury Secretary Scott Bessent stated he communicated this “expectation” to visiting Japanese Finance Minister Katsunobu Kato on Wednesday.India can’t “instantly” halt oil shipments, Trump stated, including that the shift will likely be “somewhat little bit of a course of, however the course of goes to be over with quickly”.The Trump administration has imposed 50% tariffs on items from India, levies that Trump has characterised as punishment in opposition to Delhi for purchasing Russian oil and weapons. The tariffs – which took impact in August and are among the many highest on this planet – embody a 25% penalty for transactions with Russia which are a key supply of funds for its battle in Ukraine.Modi has for months stood his floor, arguing that India is impartial within the Russia-Ukraine battle regardless of his nation’s ties with Russian chief Vladimir Putin. ReutersTrump and Modi – pictured in February – have been at loggerheads on commerce Indian officers have referred to as the Trump administration’s accusations that Delhi earnings from Russia’s battle in Ukraine a double normal, citing ongoing commerce with Russia within the US and Europe.India depends on Russian crude oil, which Delhi has continued to purchase at a reduction, to assist its financial system – the fifth largest on this planet.The dispute over Russian oil has strained the connection between Trump and Modi, though the US president on Wednesday praised the Indian chief as a “nice man”. Modi stated final week that he spoke with Trump and that they “reviewed good progress achieved in commerce negotiations”.