Why US has a veto on what India can (and can’t) buy with its dollars

Aug 22, 2025 | 12:36 IST

Trump does not want India to recycle dollars from its $43bn trade surplus with the US to buy crude oil from Russia. Here’s why Washington thinks it can get away with such a demand

Without saying anything really new, Peter Navarro has revealed something important. If India wants to keep earning dollars by selling goods and services to America, it has to recycle them as per Washington’s diktats.

TOI

TOI

Why US has a veto on what India can (and can’t) buy with its dollars

Trump does not want India to recycle dollars from its $43bn trade surplus with the US to buy crude oil from Russia. Here’s why Washington thinks it can get away with such a demand

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TOI

Why US has a veto on what India can (and can’t) buy with its dollars

Trump does not want India to recycle dollars from its $43bn trade surplus with the US to buy crude oil from Russia. Here’s why Washington thinks it can get away with such a demand

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