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The US tariffs on India are a response to the Russian oil purchases.

The differential between Brent and Urals oil remained stable on Tuesday. Meanwhile, U.S. president Donald Trump announced that he would raise the tariffs on Indian imports in response to the country's purchase of Russian oil.

Trump's threats to India regarding its purchases of Russian crude oil began on July 31 when he announced 25% tariffs for Indian goods along with an unknown penalty.

Trump announced on Tuesday that he will increase the tariffs on Indian imports by "substantially" in the next 24 hour, due to New Delhi's continued purchase of Russian oil.

India is the biggest importer of Urals oil. In the meantime, Urals oil supply to India has remained mostly constant in recent days.

A source in the Indian government said that India's purchases from Russia have helped stabilize global oil prices, by relieving pressure on other regions.

Trump had said that if Moscow did not agree to a truce in Ukraine before the deadline of the end this week, it would be penalized for India's Russian oil imports.

PLATTS WINDOW

On Tuesday, there were no bids or offers made on Urals, Azeri BTC Blend or CPC blend in the Platts Window.

According to LSEG data and other market sources, Russia's seaborne gasoil and diesel exports dropped 5% from June to 3.26 million metric tonnes in July due to a lower production during refinery maintenance as well as strong domestic demand. Richard Chang (Reporting and Editing)

(source: Reuters)