India Says US to Remove 25% Penalty for Russia Oil Purchases

The US has agreed to remove a 25% additional tariff imposed on India for buying Russian oil, an official in New Delhi familiar with the matter said.

President Donald Trump announced on Monday that the US and India reached a trade deal to cut the reciprocal tariff from 25% to 18%. Trump had imposed an additional 25% penalty on India in August for buying Russian oil, which has now been scrapped, the official said, asking not to be identified because the details are yet to be made public.

The official also confirmed that India made a purchase commitment to buy ...