Donald Trump Announces United States Trade Agreement With India To Halt Russian Oil Imports
U.S. President Donald Trump announced a trade deal with India to stop Russian oil imports. Indian refiners now seek a wind-down period for already booked crude cargoes.
Insights:
President Donald Trump donald trumphas announced a new trade agreement with Prime Minister Narendra Modi narendra modithat includes a commitment for India 
INto halt its oil purchases from Russia 
RU. Under the terms of the announcement, the United States 
USwould slash tariffs on Indiangoods to 18% from the current 50% in exchange for Indialowering trade barriers and stopping its imports of Russiancrude. Donald Trumpstated that Indiawould buy significantly more energy from the United Statesand potentially Venezuela 
VEto compensate for the shift.
INto halt its oil purchases from Russia RU. Under the terms of the announcement, the United States USwould slash tariffs on Indiangoods to 18% from the current 50% in exchange for Indialowering trade barriers and stopping its imports of Russiancrude. Donald Trumpstated that Indiawould buy significantly more energy from the United Statesand potentially Venezuela VEto compensate for the shift.In response to the announcement, Indianrefiners including the Indian Oil Corporation Limited , Bharat Petroleum Corporation Limited , and Hindustan Petroleum Corporation Limited have indicated they will require a wind-down period. This transition time is necessary to complete existing Russianoil deals and process already-booked cargoes. Indiancompanies have already secured shipments loading in February and arriving in March, making an immediate cessation of imports operationally difficult. Despite the high-level announcement, refiners noted they have not yet been ordered by the government of Indiato stop such imports.
