U.S. President Donald Trump reported that Indian Prime Minister Narendra Modi allegedly assured him of his intention to stop purchasing Russian oil. According to Trump, this process will not be immediate, but India is already moving towards a final decision to cease the import of Russian energy resources. In addition, the U.S. aims to persuade China to join similar actions and also hopes that Japan will abandon energy resources from the Russian Federation.
This is reported by Business • Media
India’s Position on Oil Imports
India and China remain the largest buyers of Russian oil, which is exported via maritime routes. Both countries are actively taking advantage of the reduced prices that Moscow has been forced to offer due to international sanctions imposed after the invasion of Ukraine.
Following Trump’s statement, the Indian Ministry of External Affairs commented on the situation, emphasizing that the import of oil and gas is “a protection of Indian consumer interests” in the context of instability in global energy markets.
“To this end, the country is expanding its supplier base and diversifying imports, and has been striving to increase energy resource imports from the U.S. for many years. However, the country has not confirmed a complete abandonment of resources from the Russian Federation.”
Trends in Import Reduction and Moscow’s Reaction
Despite New Delhi’s official position, according to Reuters, several Indian refineries are already preparing for a gradual reduction in the import of Russian oil, responding to political changes in the world. This step may be related to pressure from the U.S. and changes in the global energy market.
At the same time, Russian Deputy Prime Minister Alexander Novak stated that India will not abandon cooperation with Moscow regarding oil supplies, despite calls from the United States to reduce the volumes of imported Russian energy resources.