India has indicated it will maintain its purchases of Russian oil despite US President Donald Trump's threats to impose new tariffs on Indian goods. Foreign ministry spokesperson Randhir Jaiswal stated on Friday that India's energy decisions are based on market availability and global conditions, and that ties with Moscow are 'steady and time-tested' and should not be viewed through the prism of a third country.
Mr Trump announced plans for a 25 per cent tariff on Indian goods, along with an additional import tax, in response to India's continued buying of Russian crude. The US president has intensified warnings against nations doing business with Moscow as Washington seeks leverage over Russia's war in Ukraine.
India's crude oil imports from Russia surged from about 68,000 barrels per day in January 2022 to 1.12 million barrels per day by June that year, peaking at 2.15 million barrels per day in May 2023, according to data from analytics firm Kpler. At one point, Russian supplies accounted for nearly 40 per cent of India's total oil imports, making Moscow its largest crude supplier.
However, Reuters reported that Indian state refiners have stopped buying Russian oil after discounts narrowed to their lowest since 2022. Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd have not sought Russian crude in the past week. Reacting to the reports, Mr Trump said he understood India was no longer buying Russian oil, calling it 'a good step', though he noted trade deal talks with India were progressing.
India consumes about 5.5 million barrels of oil per day, importing roughly 88 per cent of its needs. The country shifted sharply towards Russian supplies after the invasion of Ukraine in February 2022, taking advantage of steep discounts as Western nations turned away from Moscow's energy exports.
