Morning Brief: July 30

• The Chinese authorities are not making concessions to the United States on the issue of Russian oil purchases. Yesterday, US Treasury Secretary Scott Bessant warned China that the United States would impose duties of 100% against the country if Beijing did not stop buying Russian oil. In response, he was informed that China would defend its economic sovereignty. China is the largest buyer of Russian oil, with about 2 million barrels per day. 

• The United States understands the risks of imposing duties on countries that buy Russian oil. According to US State Department spokeswoman Tammy Bruce, the US authorities have taken into account the negative consequences of the introduction of secondary sanctions against countries that purchase Russian energy resources. The risks for these countries, as well as the «boomerang effect», will be taken into account when making decisions.

• The United States has threatened India with duties of 25% if the countries do not reach a trade agreement. Trump stated: «India has always been our good friend, but India has imposed, in fact, more duties than almost any other country.» On April 2, the United States imposed 26% duties on Indian goods, but then suspended them so that the parties could reach a trade agreement. 

• Turkey plans to start supplying Azerbaijani gas to Syria. Natural gas supplies to Syria via Turkey may begin on August 2. This was announced by Turkish Minister of Energy and Natural Resources Alparslan Bayraktar. Azerbaijani gas will be supplied through Kilis province in southeastern Turkey.