U.S. President Donald Trump stated that Indian Prime Minister Narendra Modi promised him to stop purchasing Russian oil. According to the American leader, India will gradually phase out the import of energy resources from Russia, and this process is nearing completion. Additionally, Washington intends to persuade China and Japan to follow suit and abandon Russian energy.
This is reported by Finway
India’s Position on Oil Imports
Currently, India, along with China, remains the largest buyer of Russian oil, acquiring it at reduced prices. The price reductions are a result of sanctions imposed against Russia due to its military aggression against Ukraine.
Following Donald Trump’s statement, India’s foreign ministry emphasized that the import of oil and gas is determined by the desire to “protect the interests of the Indian consumer” in the context of instability in energy markets. India is consistently working to expand its supplier base, including from the U.S., and diversifies its energy resource imports. However, there has been no announcement in New Delhi regarding a complete cessation of supplies from Russia.
“The import of oil and gas is about protecting the interests of the Indian consumer in an unstable energy market.”
Reaction in the Global Market
According to information from Reuters, some Indian refineries are indeed considering the possibility of gradually reducing purchases of Russian oil. This may be related to international political pressure and the desire to enhance the diversification of energy sources.
At the same time, Russian Deputy Prime Minister Alexander Novak stated that India will continue to buy Russian oil despite calls from the U.S. to reduce its imports.