Rubio says India trade deal is very close to being finalised
US Secretary of State Marco Rubio said the India-US trade agreement is nearly done and linked US sanctions on Russian oil to global energy needs. His India visit begins Tuesday.
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what happened
US Secretary of State Marco Rubio said in Samarkand that Washington is working to finalise a trade deal with India and is very close to doing so. He added that when the President weighs national security waivers, the US takes global energy needs into account, including those tied to sanctions on Russian oil exports.
During his India visit, Rubio is set to meet External Affairs Minister S Jaishankar, Gautam Adani and Tata Sons chief N Chandrasekaran. He is also due to visit Reliance Industries' Jamnagar refining complex, according to Moody's.
why it matters
Two signals matter for markets: the trade deal between the US and India is nearing completion, and Washington has said it weighs energy supply when setting sanctions policy. That could shape expectations for Russian oil flows and sentiment toward Indian assets.
market impact
Oil: signals of flexibility on Russian oil sanctions may ease expectations for Brent; India: a trade deal supports sentiment for the rupee and Reliance shares.
tags
instruments
sources
- Trade Deal 'Very Close' to Finalisation: Rubio — Moody's, 20 October 2026 at 04:12 UTC
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