India is reportedly preparing to reduce its imports of Russian crude oil in response to pressure from the United States, as indicated by a Reuters report on Thursday, which cited unnamed sources familiar with the situation.
According to the report, some Indian refiners have started to strategize a gradual decrease in their purchases of Russian oil. A sudden stop could lead to a spike in global oil prices, potentially exacerbating domestic inflation.
While New Delhi has not officially instructed refiners to cease Russian crude purchases, U.S. President Donald Trump stated on Wednesday that Prime Minister Narendra Modi had “assured” him that India would terminate its buying activity.
“You know, you can’t do it overnight. It’s a bit of a process, but it will be completed soon,” Trump informed reporters at the White House.
Trump has criticized India and China, which are the largest consumers of discounted Russian oil, for playing a role in funding Moscow’s military actions in Ukraine through their ongoing purchases.
The Indian Foreign Ministry did not explicitly confirm or deny Trump’s comments but noted that Washington had expressed interest in enhancing “energy cooperation” with New Delhi.
“Conversations are underway,” stated ministry spokesperson Shri Randhir Jaiswal.
On Wednesday, Trade Secretary Rajesh Agarwal mentioned to reporters that India is open to doubling its yearly imports of American oil and natural gas, provided the prices are competitive. Currently, these imports are valued at approximately $12-13 billion.
Agarwal revealed that an Indian delegation was in Washington to negotiate a bilateral trade agreement that would encompass energy collaboration.
Russia accounts for over a third of India’s oil imports, a figure that has grown since Western sanctions on Moscow resulted in lower prices for Russian crude.
In August, the Trump administration imposed tariffs on Indian exports to the United States, raising them to 50%, and accused New Delhi of contributing to funding Russia’s military activities via energy purchases.
