India-US relations: News and Discussions IV

[ShauryaT]

Via the Hindustan Times:

"US President Donald Trump appears unwilling to back down from his claim that India will soon snap its oil trade ties with Russia. Reiterating the assertion on Thursday, he added a specific figure this time: “By the end of the year, they'll be down to almost nothing, about 40 percent of the (Russian) oil.”

US has sanctioned Russian oil companies. When the US did so for Iran, India stopped its purchases. Why will India not do the same now?

[williams]

Via the Hindustan Times:

"US President Donald Trump appears unwilling to back down from his claim that India will soon snap its oil trade ties with Russia. Reiterating the assertion on Thursday, he added a specific figure this time: “By the end of the year, they'll be down to almost nothing, about 40 percent of the (Russian) oil.”

US has sanctioned Russian oil companies. When the US did so for Iran, India stopped its purchases. Why will India not do the same now?

It affects only if you are trading in US currency. India has already decided (2 weeks back) to trade with Russia using yuan. DJT wanted 1+1 but what is happening is RCI.

[Amber G.]

.....
US has sanctioned Russian oil companies. When the US did so for Iran, India stopped its purchases. Why will India not do the same now?

Unlike the sanctions on Iran, which had broad international support and UN backing, the current sanctions on Russia are largely driven by the US and some of Trump's fans in Europe..(IOW The Iranian sanctions were part of a broader diplomatic effort to limit Iran's nuclear program, whereas the sanctions on Russia are basically Trump's tantrums

[drnayar]

As national debt accelerates to $38 trillion, watchdog warns it's 'no way for a great nation like America to run its finances' | Fortune https://share.google/Kp9GHh3ce0Z0deCbH

Can the US just say we will pay anymore interest on the ginormous debt burden ?

Historically there is precedent when moving out of gold backed dollar !

[A_Gupta]

Reuters, which has been wrong on this topic before, reports:
https://www.reuters.com/world/india/ind ... 025-10-23/

NEW DELHI, Oct 23 (Reuters) - Privately-owned Reliance Industries (RELI.NS), opens new tab will stop importing oil under its long-term deal to buy nearly 500,000 barrels per day of crude from Russian oil major Rosneft, after the oil producer was sanctioned by the United States, two sources with direct knowledge of the matter said on Thursday.

The Times of India says that PSUs will also move away from Rosneft and Lukoil petroleum.