Officials cautious as US prez warns of secondary levy on Russian oil

The government is closely monitoring the situation following US President Donald Trump's threat to impose tariffs on nations purchasing Russian crude, officials said.

- SUBHAYAN CHAKRABORTY

Since the Ukraine war began, Russia has remained India's largest source of crude oil.

Frustrated with Russian President Vladimir Putin over the sluggish pace of peace negotiations, Trump on Sunday warned of secondary sanctions against Russia, signalling that the US could impose a 25 per cent-50 per cent tariff on countries that continue buying Russian oil unless Putin agrees to a ceasefire in Ukraine.

Recently, Trump announced a 25 per cent blanket tariff on any nation purchasing oil and gas from Venezuela, effective April 2. "This is a new development in US-Russia relations, which have been marked by volatility over the past few years. The already unstable diplomatic landscape has now become even more unpredictable. We are evaluating the situation," an official said.