Trump claims India not buying Russian oil; Delhi disagrees, says won’t yield to pressure

India’s oil refiners have not halted purchase of Russian oil, a government official clarified, countering US President Donald Trump’s claim that India has stopped buying oil from Russia.

30% crude sourced from Moscow in 2024

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India, world’s third-largest oil importer, sourced over 30% of crude from Russia in 2024, a sharp rise from just 0.2% before the Ukraine war

Sources say India prioritises cost over geopolitics; buys discounted Russian oil despite US pressure

Decision largely based on business interests, weighing factors like cost, logistics and market dynamics

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The official said India would not yield to external pressure and would continue sourcing oil from suppliers offering the most competitive prices, including Russia. The Petroleum and Natural Gas Ministry is closely tracking developments related to the 25 per cent US tariffs set to take effect on August 7 as well as potential penalties on India’s trade with Russia, particularly in oil and defence equipment.

The ministry is in discussions with state-run oil marketing companies such as Indian Oil Corporation and Bharat Petroleum Corporation. These companies will make decisions based on business interests, weighing factors like cost, logistics and market dynamics, the official said.

India, the world’s third-largest oil importer, depends on imports for around 88 per cent of its crude oil needs. Since the Russia-Ukraine conflict began in 2022, Russia has become India’s leading oil supplier, contributing over 30 per cent of its crude imports in 2024, a sharp rise from just 0.2 per cent before the war. This shift was driven by steep discounts on Russian oil, which helped stabilise global energy prices.

Petroleum Minister Hardeep Singh Puri previously noted that India’s increased Russian oil imports prevented global prices from surging to $120–130 per barrel, benefiting consumers worldwide.

On Friday, the Ministry of External Affairs stressed India’s pragmatic approach, saying the country evaluated market availability, pricing and global circumstances when making energy decisions.

Trump had earlier announced 25 per cent tariffs on Indian imports and warned of additional penalties for India’s purchases of Russian oil and defence equipment amid the Ukraine war. On Saturday, citing unspecified reports, Trump told reporters, “I understand that India is no longer going to be buying oil from Russia. That’s what I heard, I don’t know if that’s right or not. That is a good step. We will see what happens…” However, Indian officials have denied any such change in policy.