In a recent statement, US President Donald Trump referred to allegations that India had stopped importing Russian oil as a “good step” if verified. “I am aware that India will no longer purchase oil from Russia,” Trump said. I heard it, but I’m not sure if it’s accurate. That’s a wise move. We’ll see what transpires. Following a 25% increase in import taxes on Indian goods and a threat of sanctions for ongoing trade with Russia, especially in crude oil and weapons, Washington made this statement.
India’s Ministry of External Affairs (MEA) quickly refuted these accusations, claiming that market forces and national interests dictate the country’s energy imports.
“National interests and market forces drive India’s energy purchases,” explained a MEA source. There have been no allegations of Indian oil companies blocking Russian imports.
The strategic partnership between Russia and India was also emphasized by MEA spokesperson Randhir Jaiswal, who said, “India and Russia have a steady and time-tested partnership.”
Reduced discounts and mounting US pressure were cited as the reasons for India’s purported halt on Russian oil imports. Indian state-run refineries, such as Mangalore Refinery and Petrochemicals Ltd., Hindustan Petroleum Corp., Bharat Petroleum Corp., and Indian Oil Corp., had not ordered Russian crude in the previous week, according to a Reuters report. These refiners have resorted to spot markets for substitute supplies, mostly from the Middle East and West Africa, as they usually purchase Russian oil on a delivery basis.
India is the biggest purchaser of seaborne Russian crude and the third-largest importer of oil worldwide. While private refiners like Reliance Industries and Nayara Energy are major importers of Russian oil, the state refiners in India control more than 60% of the country’s 5.2 million barrels per day of refining capacity. India has been under pressure to reevaluate its imports since the US threatened to impose 100% tariffs on nations who purchase Russian oil unless Moscow strikes a significant peace agreement with Ukraine.
The US has imposed $85 billion in tariffs on Indian imports, which has an impact on India-US ties. Trump had emphasized the need for a fair trade agreement and criticized India for its high tariffs. The Indian government has insisted that respect for one another’s sovereignty and shared interests form the foundation of its relations with the US and Russia, among other nations.
