Trump warns of more tariffs, but India will keep buying Russian oil

Canada News.Net

9 hours ago

NEW DELHI, India: India has made it clear that it will continue purchasing crude oil from Russia despite escalating threats from U.S. President Donald Trump.
The Ministry of External Affairs described India's relationship with Moscow as "steady and time-tested," insisting it should not be interpreted through "the prism of a third country."
Foreign ministry spokesperson Randhir Jaiswal, speaking at the ministry's weekly press briefing on Friday, stressed that India's approach to energy security is driven by practical considerations — chiefly, the availability of oil in global markets and prevailing international conditions.
His remarks came in response to Trump's recent statement that he intends to impose a 25 percent tariff on Indian goods, plus an additional import tax, citing New Delhi's continued purchases of Russian oil. Trump's warning is part of his increasingly tough stance toward Moscow, which he accuses of stalling efforts to reach a ceasefire in Ukraine. The U.S. president has threatened fresh economic sanctions against Russia if progress is not made.
India's oil imports from Russia have surged dramatically since early 2022. In January of that year, India was importing around 68,000 barrels per day (bpd) from Russia. By June, that figure had jumped to 1.12 million bpd, peaking at 2.15 million bpd in May 2023. At one point, Russian oil accounted for nearly 40 percent of India's crude imports, making Russia India's largest single supplier, according to data from analytics firm Kpler cited by the Press Trust of India.
India consumes roughly 5.5 million barrels of oil per day, with about 88 percent of that demand met through imports. While India historically sourced most of its crude from Middle Eastern countries, the landscape shifted dramatically following Russia's full-scale invasion of Ukraine in February 2022. As Western nations imposed sanctions and shunned Russian energy, Moscow began offering steep discounts on crude deals that India, the world's third-largest oil importer after China and the U.S., found hard to ignore.
By taking advantage of discounted Russian supplies, India has sought to cushion itself against global price volatility and secure its energy needs in an uncertain geopolitical environment. Despite growing pressure from Washington, New Delhi shows no sign of changing course, underscoring the complex balancing act it maintains between long-standing ties with Russia and its expanding strategic partnership with the United States.