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Ministry of Commerce and Industry, India

Ministry of Commerce and Industry, India

Government Ministry

Appears in 1 story

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US-India trade war ends with energy-for-tariffs deal

Rule Changes

Lead Indian negotiating body

India has been the world's second-largest buyer of Russian oil since 2022, snapping up discounted crude while Western nations sanctioned Moscow. On February 2, 2026, Trump announced that Modi agreed to stop these purchases in exchange for US tariff cuts from 50% to 18%, ending a trade war that escalated for nearly a year.

Updated May 29