On 6 August 2025, the US President signed an Executive Order, whereby the US is to impose additional duties of 25% on imports of Indian goods in connection with the Indian purchases of Russian crude oil. As drafted, the duties are imposed regardless of whether India purchases Russian crude below or above the Oil Price Cap. There is also no correlation between the amount of purchases of Russian oil and the Indian exports to the US to which these new duties intend to apply. This appears to be inconsistent with declared objectives of the Price Cap Coalition aimed at, on the one hand, the reduction of Russian revenues from the trade in oil, but, on the other hand, ensuring stability of world oil price.
For a copy of the executive order, please click here.