Two anonymous Indian government sources have stated that India will continue to purchase oil from Russia, despite threats of penalties from US President Donald Trump. “These are long-term oil contracts,” one of the sources said. “It is not so simple to just stop buying overnight.”
Trump’s Statements and India’s Response: Last month, President Trump suggested in a Truth Social post that India would face additional penalties for buying Russian arms and oil. On Friday, he told reporters he had heard that India would no longer be buying Russian oil. However, The New York Times, citing two senior Indian officials, reported on Saturday that there has been no change in government policy and that no directive has been given to oil companies to reduce imports from Russia.
Bilateral Relations and Trade Status: India’s foreign ministry spokesperson, Randhir Jaiswal, said on Friday that the country’s energy sourcing decisions are based on “what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances.” He added that India has a “steady and time-tested partnership” with Russia and that its relations with other countries should be seen on their own merit, not through the lens of a third country.
Narrowing Discounts Affect Purchases: A Reuters report noted that Indian state refiners had stopped purchasing Russian oil in the past week as discounts narrowed in July. Russia is India’s top oil supplier, accounting for approximately 35% of its total supplies. India, the world’s third-largest oil importer, received about 1.75 million barrels per day of Russian oil from January to June this year, a 1% increase from the previous year.
