Russia: India is Free To Buy Oil From Any Country

Russia has responded to US President Donald Trump’s claims that India has stopped buying Russian oil as part of a recent trade deal between New Delhi and Washington.

India is Free To Buy Oil From Anywhere: Russia

The Kremlin noted that Moscow is not the only source for New Delhi regarding crude oil supply, and there are no qualms if India diversifies its crude suppliers.

​According to Kepler, a global trade data provider, despite Trump’s 25% tariff on Indian goods, India has continued importing around 1.5 million barrels of Russian crude per day.

​Currently, India is the second-largest purchaser of Russian crude, accounting for around one-third of India’s total oil imports.

​As  Kremlin spokesperson Dmitry Peskovstated, India has always purchased oil from multiple nations, and Russia seeks no change in this practice.

​His statement was a response to the US claims about Prime Minister Narendra Modi, and to the agreement to switch oil purchases from Russia to the United States and Venezuela.

No Official Word from India on Halting Russian Oil: Peskov

Peskov also added that no official message had been sent to India confirming a halt to Russian oil purchases.

​Russia’s Foreign Ministry also stressed the importance of oil trade for both nations.

​According to Spokesperson Maria Zakharova, Russian oil imports by India are necessary for the stability in the global energy market. Hence, Russia will continue its partnership with India.

​Meanwhile, Russia’s business radio Kommersant FM has also noted that, unlike Trump, there is no mention of any agreement to cease Russian oil imports.

​Before 2021, Russian oil made up less than 1 per cent of India’s crude imports.

After the invasion of Ukraine by Russia in 2022, Western nations refrained from purchasing Russian oil.

With this, India emerged as the largest buyer of Russian crude at a discounted rate.

​India imports around 88 per cent of its oil requirements, and one-third comes from Russia.

​At its peak, India imported 2 million barrels a day, which dropped to 1.3 million in December.

India Reduces Russian Oil Purchases Following Trump's Tariff Penalty

According to Kpler data, following Trump's higher tariffs last year, including penalties on Russian oil purchases, India's imports increased by 1.1 million barrels per day by January.

​As per a statement by energy expert Igor Yushkov, it is not possible to expect India to make a complete switch from Russian to US oil.

​He further mentioned that, compared to US oil, Russian oil is heavier. With mixed grades, costs would escalate.

​Yushkov also added that it is impossible for the United States to supply the same volume as Russia does.

Speaking on Trump, he said the US President is exaggerating the success of the trade deal.

He also mentioned that in the past, trimming Russian oil supplies led to higher global oil prices, which affected US prices as well.

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