U.S. President Donald Trump said on Wednesday that Indian Prime Minister Narendra Modi has pledged to stop buying oil from Russia, and Trump said he would next try to get China to do the same as Washington intensifies efforts to cut off Moscow’s energy revenues.
“So I was not happy that India was buying oil, and he (Modi) assured me today that they will not be buying oil from Russia,” Trump told reporters during a White House event.
“That’s a big step. Now we’re going to get China to do the same thing.”
India and China are the two top buyers of Russian seaborne crude exports, taking advantage of the discounted prices Russia has been forced to accept after European buyers shunned purchases and the U.S. and the EU imposed sanctions on Moscow for its invasion of Ukraine in February 2022.
Recently, Trump has stepped up criticism of India’s continued oil trade with Moscow. He imposed tariffs on Indian exports to the U.S. in an effort to discourage these purchases and pressure Russia into negotiating a peace deal in Ukraine.
For months, Modi resisted U.S. pressure, with Indian officials defending the purchases as vital to national energy security. Russia is India's top oil supplier. Moscow exported 1.62 million barrels per day to India in September, roughly one third of the country's oil imports.
While imports from other producers would likely cost India more, lower oil prices would temper the impact. Benchmark Brent crude futures hit a five-month low on Wednesday on concerns about a growing surplus in the market.
If India follows through on halting Russian oil imports, it would mark a major policy shift by one of Moscow’s key energy partners — potentially influencing other nations that continue buying Russian crude.
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