Trump says India to stop buying oil from Russia
Indian oil tanker (Photo: Getty Images)
Indian Prime Minister Narendra Modi reportedly assured US President Donald Trump that his country would no longer buy oil from Russia, according to a White House press conference.
“No, we were not happy with him buying oil from Russia, because that lets Russia continue on with this ridiculous war where they've lost a million and a half people,” said Donald Trump.
At the UN General Assembly on September 23, Trump called China and India the main sponsors of Russia’s war against Ukraine, citing their imports of Russian oil and gas.
India and Russian oil
As reported by RBC-Ukraine, before the war against Ukraine, India purchased only 1% of its crude oil from Russia, but after 2020, this share increased to 40%.
In August, US President Donald Trump imposed a 50% tariff on Russian oil supplies to India. He accused businesses of profiteering and spoke of a Modi war. However, this only temporarily reduced purchase volumes.
Later, Indian Finance Minister Nirmala Sitharaman stated that India would continue buying Russian oil despite the 50% US tariffs on Indian companies.
Where India wants to buy oil
Meanwhile, at the end of September, Indian officials told the Trump administration that a significant reduction in Russian oil imports would only be possible if India were allowed to purchase from Iran and Venezuela.
The visit of Indian representatives to the US followed Washington’s imposition of strict tariffs on the country for trading oil with Russia. Despite the sanctions, India continues to buy Russian oil, though in smaller volumes.
Russia was forced to sell oil at a discount after many countries refused to trade with Moscow due to the war against Ukraine.
Almost 90% of India’s oil needs are met through imports, and cheaper Russian supplies have helped reduce costs and generate extra profits. Similar discounts could be achieved with oil from Iran and Venezuela.
