Tuesday, 02 January 2024 12:17 GMT

'Got India's Commitment To Stop Buying Additional Russian Oil': US Secretary Of State Marco Rubio After Trade Framework


(MENAFN- Live Mint) United States Secretary of State Marco Rubio on 14 February said that the US has secured“commitment to stop buying additional Russian oil” during trade and tariff discussions with India.

"In our conversations with India, we have gotten their commitment to stop buying additional Russian oil," Rubio stated.

Notably, the Trump administration leader has not clarified whether this also includes existing contracts and all purchases from Russia.

Also Read | Sridhar Vembu compares Big Tech to East India Company again: 'Bigger than most...' WATCH: US got 'commitment' from India on Russian oil, says Marco Rubio

The statement came while Rubio was addressing US sanctions on Russia and the country's moves to secure peace in Ukraine. He added that finding terms that“Ukraine can live with and that Russia will accept” has been“elusive up to this point”.

He was speaking at the 62nd Munich Security Conference (MSC) on 14 February in Munich, southern Germany. Various heads of state, defence ministers and foreign ministers are expected to be in attendance at the three-day event from 13-15 February 2026, according to an AFP report.

Why did India start buying Russian oil?

India has not traditionally been a big importer of Russian oil - that has been the European Union (EU). However, amid sanctions and pushback against Russia's invasion of Ukraine in 2022, India made the most of the discounted rates from Moscow, as per a Bloomberg report.

In a Truth Social post early on 3 February, Trump called Modi one of his“greatest friends” adding that India has“agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela”.

Notably, in October 2025 too US President Donald Trump said that Prime Minister Narendra Modi had agreed to stop buying Russian oil.

Also Read | Bank holidays: Are banks closed for Losar and Shivaji Jayanti next week? India-US trade deal: Key highlights of interim agreement framework

India and the US issued a joint statement releasing a basic framework for an interim trade deal ahead of a broader Bilateral Trade Agreement (BTA ). In line with this, the US reduced reciprocal tariffs on India to 18% from earlier 50% (25% reciprocal + 25%“punishment” for Russian oil purchases).

Notably, this came nearly a year after Trump and Modi began negotiating the BTA on 13 February 2025.

  • Under the framework, India will eliminate or reduce tariffs on all US industrial goods and a wide range of US food and agricultural products, including dried distillers' grains (DDGs), red sorghum, tree nuts, fresh and processed fruit, soybean oil, wine and spirits, and additional products.
  • India will also provide additional market access commitments and support for more resilient supply chains is also part of the interim deal.
  • On its part, the US will apply a reduced reciprocal tariff rate of 18% on Indian exports, with scope for further reductions as negotiations move forward. Items with reduced 18% tariffs include: artisanal products, certain machinery, home decor, leather and footwear, organic chemicals, plastic and rubber, and textiles and apparel.

Also Read | Trump tariffs: How India fares vs China, Pakistan post India-US trade deal
  • Further, the US will also remove reciprocal tariffs on goods including aircraft parts, gems and diamonds, and generic pharmaceuticals.
  • Both countries have committed to“provide each other preferential market access in sectors of respective interest on a sustained basis”.
  • Both countries will establish rules of origin that ensure that the benefits of the Agreement accrue predominately to India and the US.
  • India committed to buy more American products and purchase over $500 billion of US energy, information and communication technology, coal, and other products.
  • On its part, the US will significantly increase trade in technology products, including Graphics Processing Units (GPUs) and other goods used in data centers, and expand joint technology cooperation.

MENAFN15022026007365015876ID1110742639



Live Mint

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.

Search