Since President Trump’s “Liberation Day” tariff announcements of April 2, the potentials for realignment in international economic relations have multiplied, despite Trump’s verbal and economic thrusts against the BRICS nations, which have hardly been inactive in responding.
Economic Times of India reported Aug. 13 that China has reduced its crude oil orders from Saudi Arabia (and others to a lesser degree) and increased its orders of Urals crude from Russia, counteracting a temporary pullback by India. India, under the latest U.S. “secondary tariff” against Russia, has momentarily reduced, not stopped, taking Russian oil. Economic Times attributed the intelligence to an Aug 11 “note” from a trading firm, Energy Aspects Ltd. Other media say that China is now stockpiling Urals crude oil, at reduced prices. If India starts buying from non-Russian sources, prices will go back up.
At the same time, the one Indian refinery, Nayara, which was singled out for secondary “Russia, Russia” sanctions (in the latest EU package, in this case), has since sold two shipments of products refined from Russian crude, to China. No Indian refinery has done this since 2020. Nayara has Rosneft as a partner.
