The US Department of State announced the sanctions on Wednesday, alleging the Indian firms knowingly engaged in "significant transactions" for the purchase and marketing of Iranian petroleum products, violating American sanctions on Iran.
In a post on Truth Social, Trump stated that the United States and Pakistan are currently in the process of selecting the oil company for the partnership.
In response to ANI, if the US remains open to negotiating with India on the tariff front, Trump stated, "We're talking to them now. We'll see what happens. Again, India was the highest or just about the highest tariff nation in the world, one of the highest, 100 points, 150 points or perc
US President Donald Trump today, in a social media post on his Truth Social Account, announced 25 per cent tariffs on India starting August 1. Trump also said India will face additional penalties for purchasing oil from Russia.
Terming the move by US President Donald Trump to impose 25 per cent tariffs on India on as a "setback for the country", Congress leader Jairam Ramesh on Wednesday said that Prime Minister Narendra Modi "should not be scared" and "this is blackmail by the United States".
Congress leader Jairam Ramesh said on Wednesday that Donald Trump imposing a 25 per cent tariff on India is a major setback for Prime Minister Narendra Modi and the country and that the US President cannot decide from where New Delhi will buy oil.
China on Wednesday responded strongly to the US suggestion that it will significantly raise tariffs if China continues to purchase Russian oil, saying "coercion and pressuring will not achieve anything."
"Certainly, the Government of India will take cognisance of it. We have to wait and watch how the Government of India reacts to it. In my personal opinion, it is unfortunate." BJP leader Praveen Khandelwal said
"Also, they have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE - ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PL
India is witnessing a renewed surge in oil and gas exploration, particularly in offshore regions, underscoring the country's vast untapped hydrocarbon potential, said Petroleum Minister Hardeep Singh Puri in a written reply to a starred question in the Rajya Sabha.
Reliance Industries Limited (RIL) has entered into a Joint Operating Agreement with Oil and Natural Gas Corporation Limited (ONGC) and BP Exploration (Alpha) Limited (BP) for the exploration Block GS-OSHP-2022/2 (Block).