According to two Indian government sources speaking to Reuters, India will maintain its oil imports from Russia despite US President Donald Trump’s threats of sanctions over purchases of Russian oil and arms.
Last month, Trump imposed a 25% additional tariff on India’s exports to the U.S. and, in a social media post, warned of further sanctions due to India’s purchases of Russian oil and arms. On Friday, he told reporters that he had heard India would no longer buy oil from Russia.
However, government sources immediately stressed that no such change would take place. One source said, “These are long-term oil contracts, and it’s not possible to stop purchases overnight.”
Another source justified India’s purchase of Russian oil by stating that it has helped prevent a sharp rise in global oil prices. Despite Western restrictions on Russia, prices have remained stable.
It was also noted that unlike Iranian and Venezuelan oil, Russian crude is not directly subject to sanctions, and India is buying it below the price cap set by the European Union.
The New York Times, citing two senior Indian officials, also reported that there has been no change in the government’s policy on purchasing Russian oil.
Official government bodies did not respond to enquiries on the matter.
At a press conference on Friday, Ministry of External Affairs spokesperson Randhir Jaiswal highlighted India’s “steady and long-term partnership” with Russia, adding that energy procurement decisions are based on market availability and global circumstances.
Trump’s priority is to end the war in Ukraine, and he has maintained a tough stance against Russia. He has threatened 100% tariffs on US imports from countries buying Russian oil unless Moscow reaches a major peace deal.
Russia is India’s largest oil supplier, accounting for about 35% of the country’s total oil needs. India imported approximately 1.75 million barrels of Russian oil per day from January to June this year, marking a 1% increase year-on-year.
However, sources say that in July, Indian state-owned refiners reduced their purchases of Russian oil due to discounts narrowing to their lowest levels since 2022 and a decline in Russian exports.
Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp, and Mangalore Refinery Petrochemical Ltd have not recently purchased Russian crude.
Meanwhile, Nayara Energy — whose major shareholder is the Russian company Rosneft — has been subjected to sanctions by the European Union.
Following these sanctions, Nayara Energy’s chief executive resigned, and three oil-carrying vessels belonging to the company have yet to unload their cargoes due to the new EU measures.
Iran has launched missiles and drones targeting U.S. military sites in Bahrain and Kuwait, according to Iranian state media and a U.S. official, in re...
Fourteen people were killed on Sunday after a helicopter belonging to Saudi oil giant Aramco crashed in Ras Tanura, according to Saudi state media....
More than 1,300 excess deaths have been recorded across Europe since June 21 as the continent faces extreme heat, World Health Organization Director-G...
Russian President Vladimir Putin has said the country is going through a “difficult period”, but has learned much from it, according to state news...
Pope Leo has expressed solidarity with people in Venezuela after twin earthquakes struck the country earlier this week, causing widespread damage and ...
Iran has launched missiles and drones targeting U.S. military sites in Bahrain and Kuwait, according to Iranian state media and a U.S. official, in retaliation for recent U.S. strikes on Iran.
France has recorded 1,000 excess deaths during the severe heatwave that swept across Europe, according to the country's public health agency, which warned the final toll is likely to rise.
Lebanon says Israeli air strikes and ground operations have damaged or destroyed historic landmarks across the country's south, raising fears that parts of its cultural heritage have been lost forever.
The World Cup knockout stage is finally ready to begin after 72 group matches trimmed the expanded 48-team field down to 32.
France said on Saturday it was considering taking reciprocal measures after Burkina Faso broke off diplomatic relations.
Japan remained on high alert Saturday as Typhoon Mekkhala approached the eastern coast after Typhoon Higos weakened into a tropical depression. Authorities warned of continued heavy rain, flooding, and landslides, according to media reports.
A tanker reported being struck by a projectile in the Strait of Hormuz on Saturday, Britain's maritime security agency said, after the United States and Iran each launched strikes in the worst escalation since they signed their interim peace deal.
Germany and Poland are bracing for sweltering conditions as a deadly heatwave that has gripped Western Europe moves east, with temperatures expected to approach 40°C over the weekend.
Iran had a stoppage-time goal disallowed as they drew 1-1 with Egypt in their final Group G match at Seattle Stadium on Friday.
Russian President Vladimir Putin has said the country is going through a “difficult period”, but has learned much from it, according to state news agency TASS.
Pope Leo has expressed solidarity with people in Venezuela after twin earthquakes struck the country earlier this week, causing widespread damage and leaving communities in urgent need of assistance.
Eleven people were killed when a small plane carrying skydivers crashed near Nancy in eastern France on Sunday, local officials said.
France has recorded 1,000 excess deaths during the severe heatwave that swept across Europe, according to the country's public health agency, which warned the final toll is likely to rise.
Lionel Messi made World Cup history as Argentina finished top of Group J, while Austria and Algeria both reached the Round of 32 after a dramatic draw that ended Iran's hopes of progressing.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment