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India is finally actually preparing to reduce its Russian oil imports as Washington moves closer to finalizing a major trade agreement that could drop tariffs on Indian goods from 50% down to 15%–16%, according to a report by Mint on Wednesday. This of course comes after months of tense negotiations that tied trade relief directly to New Delhi’s willingness to distance itself from Moscow’s oil exports. If sealed, the deal will be one of the biggest tariff cuts under the Trump administration, which has repeatedly pushed India to fall in line with U.S. sanctions on Russia since the invasion of Ukraine. As part of the broader framework, India can also expand its import quota for non-genetically modified corn from the U.S., currently capped at 0.5 million tonnes a year, while maintaining a 15% import duty. Officials are also working on a mechanism allowing both nations to revisit tariff and market access terms periodically as conditions change, according to the report. Trump and Modi hold tense oil talks On Tuesday, President Donald Trump told reporters aboard Air Force One that Prime Minister Narendra Modi had assured him over the phone that India would scale back its Russian oil purchases. “He’s not going to buy much oil from Russia. He wants to see that war end as much as I do,” Trump said, adding that New Delhi would keep paying “massive” tariffs if it failed to comply. Hours later, Modi confirmed the phone call in a post on X, saying he hoped both nations would continue to “stand united against terrorism in all its forms,” though he avoided mentioning the oil issue directly. Trump had made similar claims about a prior conversation with Modi last week, which India’s foreign ministry later denied. Responding to questions on Thursday, a ministry spokesperson said: “India…

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Filed under: News - @ October 22, 2025 11:26 am