Indian oil companies are not halting Russian imports.
Despite former President Trump`s warnings, Indian officials confirm that the nation will continue to purchase oil from Russia. Indian oil companies base their import decisions on factors such as price, crude oil grade, logistics, and economic considerations.
Indian refineries will continue to procure oil from Russia, officials have stated, amidst U.S. threats of sanctions against Moscow`s trade partners due to the conflict in Ukraine, as reported by The Guardian.
On Friday, media outlets reported that India, a major energy importer, would cease buying discounted Russian oil. Trump later told reporters that such a move would be a «good step» if accurate.
“I understand India is no longer going to buy oil from Russia,” the former U.S. President stated. “That’s what I hear. I don’t know if that’s right or not. That would be a good step. We’ll see what happens.”
However, official sources in India, quoted by the news agency ANI, refuted Trump’s assertion, clarifying that Indian oil companies have not suspended Russian imports and that supply decisions are made based on «price, crude oil grade, inventory, logistics, and other economic factors.»
Trump`s comment came a day after the White House announced 25% tariffs on all Indian goods, along with penalties for purchasing weapons and energy from Russia amid the Ukrainian conflict.
The Guardian noted that Trump had given the Kremlin an August 8 deadline to halt hostilities or risk further sanctions against countries importing Russian oil.
Earlier this week, Reuters reported that Indian state-run refineries had temporarily paused Russian oil purchases due to tariff threats and diminishing price discounts.
However, on Saturday, The New York Times quoted two unnamed senior Indian officials who affirmed that the Indian government`s policy on Russian oil imports remains unchanged. One official stated that the government «has not issued any directives to oil companies» to halt Russian oil purchases.
“These are long-term oil contracts,” one source explained. “It’s not that easy to stop purchases overnight.”
The sources cited by ANI indicated that Indian refineries operate in full compliance with international norms, and Russian oil has never been subject to direct sanctions from the U.S. or the EU. Instead, a G7 and EU price cap mechanism was imposed to limit revenue while ensuring continued global supply.
The aforementioned sources added, “India’s purchases have remained entirely legal and within international norms.”
Sources further highlighted that if India “had not absorbed discounted Russian oil, combined with the 5.8 million barrels per day OPEC+ production cuts,” global oil prices could have significantly surpassed the March 2022 peak of $137 USD per barrel, exacerbating inflationary pressures worldwide.
The Guardian emphasized that Russia is India`s largest oil supplier, accounting for approximately 35% of the country`s total supply. India maintains that, as a major energy importer, it must secure the most affordable supply sources to shield its population from rising prices.
On Friday, Indian Ministry of External Affairs spokesperson Randhir Jaiswal stated, “We look at what is available in the markets, what is being offered, and also the prevailing global situation or circumstances.”
Jaiswal further added that India and Russia share «robust and time-tested partnerships.»
This partnership has been a point of contention for the White House. On July 30, Trump posted on the Truth social network that while India was «our friend,» it had always bought most of its military equipment from Russia and was «Russia’s biggest energy buyer, along with China.»
In a second post, Trump added, “I don’t care what India does with Russia. They can ruin their dead economies together, I don’t care.”
