India continues to purchase Russian oil despite US threats against Trump

• India continues to purchase Russian oil, despite threats from the US.
• Supplies of Russian oil to India have sharply increased since the invasion of Ukraine.
• The Ministry of External Affairs of India considers cooperation with Russia important for energy security.

New Delhi — India intends to continue purchasing oil from Russia, despite threats from US President Donald Trump. The Ministry of External Affairs of India stated that relations with Russia are "stable and time-tested" and should not be evaluated through the prism of third countries.

During a press conference, spokesperson Randhir Jayaswal noted that India's position regarding ensuring energy needs is driven by access to oil on the market and global circumstances. These comments followed Trump's announcement of plans to impose a 25% tariff on goods from India due to purchases of Russian oil.

Trump intensified his rhetoric regarding Russia through the withdrawal of a treaty on nuclear arms in Ukraine, threatening new economic sanctions. India purchased 68,000 barrels of oil per day in January 2022, but by June of that year, imports rose to 1.12 million barrels per day.

In June 2023, oil imports reached a peak of 2.15 million barrels per day, accounting for more than 40% of India's total imports, making Moscow the largest supplier of oil to New Delhi. Current oil consumption in India stands at approximately 5.5 million barrels, of which more than 88% is covered by imports.

Historically, India purchased most of its oil from the Middle East, but the situation changed after Russia's full-scale invasion of Ukraine in summer 2022. India, the third-largest oil importer in the world after China and the US, began buying Russian oil at discounted prices, as the West refused to import it.

Tags: USA/Russia/Energy