- US increased tariff on India to 50% in August, partly for importing Russian oil
ISTANBUL
Indian state-backed refinery HPCL-Mittal Energy Limited (HMEL) said that the enterprise has decided to stop purchasing Russian oil after the US imposed a 50% tariff on India over the issue last month.
In a statement, the HMEL, a joint venture of the privately owned Mittal group and the state-run Hindustan Petroleum Corporation Ltd., on Wednesday said further purchases of Russian crude oil were decided to be suspended due to the sanctions, according to The Economic Times newspaper.
“HMEL has already taken the decision to suspend further purchases of Russian crude upon recent announcements of new restrictions on imports of crude oil from Russia by the United States, European Union, and United Kingdom, pending receipt of any outstanding orders,” it added.
The firm, which owns and operates an oil refinery at Bhatinda in Punjab, said it has always acted in full compliance with government policy and regulations.
“All transactions and acceptances of shipping deliveries by HMEL are subject to due diligence and compliance procedures,” it said, adding that all oil cargoes supplied to the company were on a “delivered-at-port basis.”
The US had imposed a 50% tariff on Indian imports, partly for purchasing Russian oil amid the war in Ukraine.
US President Donald Trump had claimed that Indian Prime Minister Narendra Modi assured him that New Delhi would halt purchases of Russian crude.
On Monday, Russian Energy Minister Sergey Tsivilev said that India accounts for a significant share of Russian oil exports, with supplies remaining high this year.
Earlier, on Oct. 20, Russian Deputy Foreign Minister Andrey Rudenko also confirmed that oil shipments to India were continuing.