**India Seeks New Oil Suppliers Amid Trump’s Threats**
Indian refiners are looking for new suppliers of crude oil. This comes after US President Donald Trump threatened to impose more sanctions on Russia, according to a report by Bloomberg.
India is now the biggest importer of Russian oil. The country benefits from cheaper oil grades like Urals, which saves Indian refiners a lot of money. However, with the threat of new sanctions, India’s state-owned Bharat Petroleum Corp and Hindustan Petroleum Corp are searching for alternative options in places like the Middle East, North Sea, and Mediterranean.
This is unusual because normally oil suppliers buy their barrels for the next month’s delivery in early March. The sudden demand for non-Russian oil suggests that Indian refiners may have concerns about getting enough oil from Moscow.
**Trump’s Threats**
Trump has previously threatened to impose tariffs on Russian oil. He said he would charge a 25% tariff on all oil and a 25-50 point tariff on some oil grades. This was in response to Russia’s attacks on Ukraine President Volodymyr Zelensky’s credibility.
The US administration has also tightened sanctions on Russia’s oil industry, making it harder for Russian banks to use US payment systems for energy transactions.
**Possible Relief**
However, as Trump tries to set up a quick ceasefire between Russia and Ukraine, Moscow may receive some relief from previous sanctions. Some officials have suggested that certain sanctions could be lifted if Russia agrees to a ceasefire or peace deal.