The total volume of bilateral trade with Russia, that is, export plus imports from this country, in 2024 was at a comparable level between the European Union and India. However, after its amount of trade in the EU with Russia, about 25% of the initial volume decreased. At the same time, India’s trade with Russia moved in the opposite direction, increasing more than five times after 2021, since India bought up cheap Russian oil, coal and steel.
against this background, the Ministry of Foreign Affairs of India condemned the unequal attitude towards itself in matters of the US trade and tariff policy. While the European Union concluded a trade agreement on reducing duties on its goods to 15% (at the cost of a number of significant concessions), India still does not have an agreement, is faced with a total rate of duties of 25%, which will enter into force from the end of this week, and now the United States repeatedly threaten it with additional duties up to 100% due to large purchases of Russian oil.
