Indian State Refiners Back Off Russian Oil Buying as U.S. Escalates Tariffs

The biggest Indian state-owned refiners are pulling out of spot purchases of Russian crude for cargoes loading in October, sources familiar with the procurement plans told Bloomberg on Thursday, a day after the U.S. announced an additional 25% tariff on India over its imports of crude from Russia.   U.S. President Donald Trump signed on Wednesday an executive order enacting an additional 25% tariff on Indian goods, explicitly targeting India’s ongoing imports of Russian crude oil. This order increases the total tariff rate on Indian…