India may drastically reduce its imports of Russian oil as the United States prepares to significantly cut tariffs on Indian exports, with the two countries reportedly close to finalising a trade deal.
According to Indian media outlet Mint, Washington would reduce customs duties from 50% to 15–16%, citing three sources familiar with the matter.
India is also reportedly considering increasing its imports of non-GMO maize, despite a 15% tariff currently imposed by the US.
On Tuesday, US president Donald Trump said he had received assurances from Indian Prime Minister Narendra Modi, during a phone call, that New Delhi would slow its purchase of Russian oil.
“He’s not going to buy much oil from Russia. He wants to see that war end as much as I do. He wants to see the war end with Russia, Ukraine, and as you know, they’re not going to be buying too much oil,” Trump told reporters aboard Air Force One.
The Indian leader confirmed the exchange with the US president in a post shared on X on Wednesday morning.
