U.S. President Donald Trump on Sunday warned that India will continue facing steep tariffs on its exports to the United States until it fully halts purchases of Russian oil a stance that has emerged as a key sticking point in the countries’ ongoing trade talks.
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The International Monetary Fund (IMF) has revised its forecast for Iran’s economic growth downward to 0.6% for 2025, up slightly from an April projection of 0.3% but well below the regional average of 3.5%, while anticipating inflation to spike to 42.4% this year from 32.5% in 2024 and unemployment to climb 1.6% year-on-year to 9.2%.
Iran’s minister of economic affairs and finance emphasized the expansion of brotherly relations and economic, commercial, and infrastructure cooperation between Iran and Tajikistan and proposed special opportunities for deepening these relations under the current conditions.
India and the U.S. are resuming trade talks this week, with New Delhi committing to increase U.S. energy and gas imports to address concerns over its Russian oil purchases, aiming for a deal to double bilateral trade to $500 billion by 2030.
In line with the Donald Trump administration's maximum pressure policy against the Islamic Republic of Iran, the US Treasury Department announced that it has sanctioned more than 50 individuals, entities, and ships under the pretext of facilitating the sale of Iranian oil and liquefied natural gas.
The Turkish Statistical Office announced that trade exchanges between Turkey and Iran in the first eight months of the current year reached $3.56 billion.
The National Iranian Oil Company (NIOC) said it will continue legal efforts through international and domestic channels to overturn a UK appeals court ruling that upheld the seizure of a London property belonging to the Oil Industry Pension Fund.
Iran’s oil minister announced a daily production increase of more than 120,000 barrels and said crude exports have reached record levels in recent months despite sanctions. He added that the possible reactivation of the “snapback” mechanism poses no new concern for oil sales.
Iran and Russia’s Astrakhan region are strengthening cooperation in trade, industry, energy and logistics as part of efforts to enhance connectivity along the International North–South Transit Corridor (INSTC), Iran’s Consul General in Astrakhan said.
Iran’s President Masoud Pezeshkian on Monday criticized the misuse of diesel fuel quotas, saying some individuals receive fuel allocations but do not operate their vehicles, instead selling their quotas.
President Putin is confident India will continue importing Russian oil despite U.S. pressure and plans to boost Russian imports of Indian agricultural and medical products to balance trade, directing his government to explore suitable proposals.
Iran's Foreign Minister Abbas Araghchi has criticized the United States and three European nations for attempting to leverage the snapback mechanism of the 2015 nuclear deal to reimpose expired United Nations sanctions against Tehran.
U.S. President Donald Trump has pressed Turkish leader Recep Tayyip Erdogan to stop buying Russian oil, signaling that Ankara could gain access to F-35 fighter jets and relief from defense sanctions if it aligns with Washington’s push to isolate Moscow.
Indian officials have again told the Trump administration that a significant reduction in Russian oil imports by the South Asian nation’s refiners would require Washington to instead allow crude purchases from sanctioned suppliers Iran and Venezuela.
Iran’s oil minister said Wednesday that the snapback mechanism would not create new obstacles to crude oil sales, stressing that the government has plans in place should challenges arise.
India is a very close partner of the US, but President Donald Trump has imposed additional tariffs on New Delhi for its purchases of Russian oil as part of actions taken against President Vladimir Putin for the Ukraine war, Secretary of State Marco Rubio has said.
The European Union plans to ban Russian LNG imports into the bloc a year earlier than envisaged as part of a 19th package of sanctions against Moscow, EU officials said on Friday, a change that follows pressure from U.S. President Donald Trump.
Iran’s oil minister said Wednesday that the country is pursuing the outcomes of the 18th Iran-Russia Joint Economic Cooperation Commission and preparing to host the 19th session in Iran.
The United States has announced new Iran-related sanctions, targeting what it has described as a network of “shadow banking” that has facilitated financial transactions resulting from Iran’s oil sales and other activities.
US President Trump imposed a 50% tariff on India for Russian oil, causing a rift between the two countries, justifying the move to curb Russia's finances.
