Image Source: X/Donald Trump
US President Donald Trump recently claimed that Indian Prime Minister Narendra Modi has committed to stop purchasing of crude oil imports from Russia. In a press conference at the Oval Office, Trump declared, "Modi assured me today that they will not be buying oil from Russia. That's a big stop." He also added that he then expects China to join in.
Trump, though, admitted India would take some time to make this transition, describing it as "a little bit of a process." No timeframe was given. One social media user named Veena Jain shared a video on X showing US President Donald Trump's big claim on India.
As stated by Trump, Washington believes that India's ongoing purchases of Russian oil are one of the reasons for Moscow to be able to continue its war against Ukraine a ridiculous war, Trump described it. The U.S. has been calling since 2022 on New Delhi to cut dependence on discounted Russian crude.
India's Ministry of Petroleum and Natural Gas has not issued any official comment about Trump's statement.
India's energy relations with Russia have been a source of friction between New Delhi and Washington for a long time. The tensions were further heightened when Trump earlier slapped extra tariffs of up to 50% on some Indian exports.
Indian authorities have pushed back against criticism on the grounds of American double standards highlighting how Western countries themselves maintained indirect trade with Russia through interlocutors while requiring others to abide by price limits.
India is now one of the largest Russian crude purchasers, after only China. Figures released by energy analytics company Kpler indicate that Russia sells almost 3.35 million barrels of oil per day, of which India takes up to 1.7 million barrels.
Indian Energy Minister Hardeep Singh Puri has consistently come to the defense of the nation's position, saying Indian acquisitions "helped stabilise global energy prices during a period of crisis." He claimed that if India hadn't continued to buy Russian oil then, crude prices might have risen to $130 per barrel.Â
Since Russia's 2022 invasion of Ukraine, the European Union and G7 have slapped a price cap of $47.6 a barrel on Russian oil. States are allowed to buy Russian oil only if shipped through Western insurance or shipping services below this threshold.
India has not officially agreed to the cap but says the majority of its imports are in line with international prices.
After Trump's remarks, oil prices edged up. Brent crude futures gained 0.82% to $62.43 a barrel, and U.S. West Texas Intermediate (WTI) rose 0.89% to $58.79.
Also Read: Donald Trump Claims Narendra Modi ‘Assured’ Him to Stop Oil Trade with Russia
