Russia on Tuesday clarified that it has not received any official communication from India indicating that New Delhi plans to stop buying Russian oil, pushing back against claims made by US President Donald Trump following the announcement of a new India–US trade deal.The Kremlin’s clarification came a day after Trump said Prime Minister Narendra Modi had agreed to halt Russian oil purchases as part of a broader agreement to ease tariffs and expand trade with the United States.
Kremlin spokesman Dmitry Peskov said Moscow had not been informed of any such decision by India. “So far, we haven’t heard any statements from New Delhi on this matter,” Peskov told reporters.
Trump’s claims on oil, tariffs and Venezuela
Trump said that after speaking with PM Modi, India would stop buying Russian crude and instead increase purchases from the US and potentially Venezuela. Posting on Truth Social, the US president said that the understanding was linked to a wider trade deal that lowers US tariffs on Indian exports to 18 per cent.Referring to his conversation with PM Modi, Trump said: “We spoke about many things, including Trade, and ending the War with Russia and Ukraine. He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela.”
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Trump argued that cutting Russia’s oil revenues would help end the war in Ukraine, adding that the trade agreement was effective immediately.Prime Minister Modi later confirmed the tariff reduction in a post on X, calling it a boost for “Made in India” products, but did not mention Russian oil or any commitment to halt such imports.
Indian refiners flag need for wind-down period
While India has not publicly confirmed Trump’s claims, industry sources say that any move away from Russian oil cannot happen overnight.According to two refining sources cited by Reuters, Indian refiners would require a wind-down period to complete existing contracts before Russian imports can be halted. Indian companies have already booked Russian crude cargoes loading in February and arriving in March.The sources stated that the government has not yet instructed refiners to stop buying Russian oil and would need time to meet contractual obligations.Also Read |India-US trade deal: 25% penal tariffs linked to Russian oil gone? White House confirms, but there’s a catchThe India–US trade deal announced by Trump would cut US tariffs on Indian goods to 18 per cent from 50 per cent, in exchange for India lowering trade barriers and stopping Russian oil purchases. Trump has said India would instead buy oil from the US and potentially Venezuela.
Why Russian oil matters to India?
India became the largest buyer of discounted Russian seaborne crude after the outbreak of the Ukraine war in 2022, as Western sanctions reshaped global energy flows. At its peak, India was importing more than 2 million barrels a day of Russian oil.Imports have since declined, falling to around 1.2 million barrels per day in January, according to data from Kpler. Officials estimate flows could drop further to between 800,000 and 1 million barrels per day in the coming months, according to Bloomberg. A sudden halt, however, could disrupt operations at Nayara Energy’s 400,000-barrel-per-day refinery, which relies almost entirely on Russian crude. Nayara is partly owned by sanctioned Russian oil major Rosneft. One source said that Nayara’s Russian oil imports in April would be negligible as the refinery shuts for maintenance from April 10.
Diversification, Venezuela option and US pressure
Minister of Petroleum and Natural Gas Hardeep Singh Puri said that India is diversifying its crude sources as Russian imports fall. Data shows that while Russian oil imports hit a two-year low in December, OPEC’s share of India’s oil basket rose to an 11-month high.Indian refiners have been increasing purchases from Middle Eastern, African and South American suppliers as discussions on accelerating an India–US trade deal gathered pace.Reuters reported last week that Washington had told New Delhi it could resume purchases of Venezuelan oil to help replace Russian supplies. Trump later reiterated that India would buy Venezuelan crude. India had stopped importing Venezuelan oil last year after the US imposed a 25 per cent tariff on countries buying crude from Caracas.Despite Trump’s claims, Indian refiners are seeking clarity from New Delhi on future policy. At least three refiners have asked the government for guidance, with two temporarily halting purchases, according to people familiar with the matter.
