Russia and India are exploring joint energy projects, including oil and gas production in Russia’s Far East and Arctic shelf, following a meeting between their foreign ministers in Moscow. The discussions, reported by Oilprice.com, come amid heightened U.S. pressure on India over its imports of Russian crude.

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The United States recently announced an additional 25% tariff on Indian goods, explicitly targeting the country’s ongoing imports of Russian oil. This measure, set to take effect on August 27, raises the total tariff on some Indian goods to 50%.

Despite this pressure, India continues to be a major buyer of Russian oil, ranking as Moscow’s second-largest oil customer after China. Data from the IndexBox platform shows that India’s imports of Russian crude have remained a significant component of its energy supply. Indian state refiners, including Indian Oil Corporation Limited and Bharat Petroleum Corporation Ltd, have recently returned to the spot market to purchase Russian Urals and other crude grades for September and October delivery, attracted by discounts that have widened to $3 per barrel.

Russian Foreign Minister Sergei Lavrov stated that cooperation in hydrocarbons has yielded good results and that both nations have a mutual interest in advancing joint energy production projects. Russian President Vladimir Putin is expected to visit India by the end of the year.

Source: IndexBox Market Intelligence Platform