While Indian exporters brace for the financial impact of a 50% tariff wall on goods sold to the US, American energy giant Exxon Mobil is exploring a lucrative, multi-billion dollar return to the Russian market. This divergence in policy highlights the significant economic forces shaping international relations.
The tariffs on India, which were doubled from an initial 25% by President Trump, are a direct punishment for the country’s oil trade with Russia. With the final duties taking effect this week, Indian businesses face significant financial strain and uncertainty in their largest export market.
In sharp contrast, talks are underway to potentially reverse Exxon Mobil’s 2022 exit from Russia’s Sakhalin-1 oil and gas project. This venture, which the company abandoned due to sanctions, represents a massive financial opportunity that is now seemingly back on the table.
This dual-track policy underscores the immense financial stakes in the global energy market. The US appears willing to overlook its own sanctions for strategic gains, including potential deals for LNG equipment and nuclear icebreakers. President Trump is said to be keen on securing a major investment announcement with Russia, framing the move as a personal achievement.