Putin hails 20% surge in trade with US while Trump penalises India over Russian oil imports

At the Alaska summit, Russian President Vladimir Putin claimed a 20% surge in US-Russia trade since Donald Trump’s return to the White House — a striking assertion amid Washington’s ongoing crackdown on countries still purchasing Russian oil.

Trump has ramped up tariffs on major economies, including India and China, targeting their continued imports of discounted Russian crude. His administration argues these purchases weaken Western sanctions and indirectly fund the Kremlin’s war in Ukraine.

Putin, however, offered a contrasting narrative. Speaking after rare face-to-face talks with Trump, he described the 20% rise in bilateral trade as a symbolic rebound — and a potential starting point for rebuilding ties.

“When the new administration came to power, the bilateral trade started to grow. It’s still very symbolic. Still, we have a growth of 20 per cent,” Putin said.

He emphasized areas of cooperation that remain open despite sanctions: “Russia and the US can offer each other so much in trade, digital, high tech, and in space exploration.”

While Moscow speaks of engagement, Washington is doubling down elsewhere. Earlier this month, Trump announced a steep hike in tariffs on India, raising the duty on Russian oil-related imports to 50% effective August 27.

“There’s no deal until there’s a deal,” Trump said of the summit, noting that while “many points” had been agreed upon, “a couple of big ones” remain unresolved. He promised to brief NATO allies and Ukrainian President Volodymyr Zelenskyy, describing the discussions as “extremely productive.”

Despite the lack of a ceasefire breakthrough, the summit marks a new phase for Moscow. Putin called the meeting a ‘new stage’ in relations and said the trade rebound could form the basis for “business-like and pragmatic ties.”

The Ministry of External Affairs called the US tariff move “unfair,” defending the country’s purchases of Russian oil as a matter of energy security for its 1.4 billion citizens.

“The United States has in recent days targeted India’s oil imports from Russia. We have already made clear our position on these issues, including the fact that our imports are based on market factors and done with the overall objective of ensuring the energy security of 1.4 billion people of India,” the MEA said.

India has pointed to countries like China that continue to buy Russian crude without similar penalties. But so far, it remains the only nation being tariffed by the US for doing so.