&w=3840&q=100)
No change in India's Russian oil import policy despite Trump's sanction threats: Report
Indian officials have said that oil refineries will continue purchasing crude from Russia, dismissing claims by US President Donald Trump that New Delhi has halted imports, news agency ANI reported. The clarification comes as Washington prepares to impose fresh sanctions next week on nations maintaining energy ties with Moscow amid the war in Ukraine.
Earlier, speaking to reporters on Friday, Trump said he had 'heard' India would stop buying Russian oil—calling it a 'good step'—just days after he accused New Delhi of having deep trade and military ties with the Kremlin. 'Well, I understand India no longer is going to be buying oil from Russia. That's what I heard. I don't know if that's right or not,' he said.
STORY CONTINUES BELOW THIS AD
Indian officials: No directive to halt Russian crude
However, Indian government sources, cited by ANI and Reuters, rejected Trump's assertion. 'There has been no change in policy. Oil companies make sourcing decisions based on price, quality, logistics, and market conditions. No directive has been issued to stop Russian imports,' an official said.
Russia remains a key crude supplier to India
India, the world's third-largest oil importer, has become a major buyer of Russian crude since Western sanctions pushed Moscow to offer steep discounts. Between January and June this year, India imported about 1.75 million barrels per day of Russian oil—accounting for 35% of its total crude imports.
A government source defended the policy, saying India's purchases had helped stabilise global oil markets. 'Had India not absorbed discounted Russian crude—alongside OPEC+ production cuts—prices could have soared past the 2022 high of $137 a barrel,' the official said.
India adheres to G7-EU price cap mechanism
Unlike oil from Iran or Venezuela, Russian crude is not directly sanctioned by the US or EU. It is subject to a G7-EU price cap mechanism aimed at curbing Kremlin revenues while maintaining global supply. Indian oil firms have been buying within this price cap, officials said, maintaining that imports are in line with international norms.
Trump's latest comments come amid his new executive order imposing 25 per cent tariffs on Indian goods and a warning of penalties for countries importing Russian oil or weapons. He has given an August 8 deadline for Russian President Vladimir Putin to end the war or face further punitive action.
Long-term oil contracts still in force, say officials
Despite the pressure, two senior Indian officials told The New York Times that state-run refiners had not received any instructions to halt Russian purchases. 'These are long-term oil contracts. It is not so simple to just stop buying overnight,' one official explained.
There have been recent reports that Indian refiners such as Indian Oil Corp and Bharat Petroleum paused fresh Russian orders after July discounts narrowed to their lowest levels since sanctions began in 2022. But sources say this was a commercial—not political—decision.
Energy policy driven by market logic: MEA
At a weekly press briefing, External Affairs Ministry spokesperson Randhir Jaiswal reiterated that India's energy decisions are guided by market factors: 'We take decisions based on price, availability, and the global situation.'
Trump slams India's trade barriers, defense ties with Moscow
While Trump has often praised India as a 'friend,' he has also criticised its tariffs and defense ties with Russia. 'India has the most strenuous and obnoxious non-monetary trade barriers,' he said, noting that it remains one of Russia's top arms and energy customers.
Still, Indian officials insist their oil policy serves both national interests and global market stability—and they are unlikely to back down, at least for now.
STORY CONTINUES BELOW THIS AD
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
15 minutes ago
- Hindustan Times
7 Delhi Police personnel suspended as dummy bomb goes undetected in Red Fort security drill
Seven Delhi Police personnel, including constables and head constables, were suspended after a dummy bomb went undetected during a security drill at the Red Fort, ahead of the Independence Day celebrations. A team of the Special Cell conducted a drill on Saturday in which they entered the Red Fort premises in civil dress with a dummy bomb.(AFP) The suspended cops, included constables and head constables, deployed for the security of the Red Fort "due to negligence" in security, ANI reported. Every year, the prime minister addresses the nation from the ramparts of the Red Fort after flag hoisting ceremony. The security drill is being undertaken by the Delhi Police on a daily basis as a part of the preparations for August 15. Delhi police told ANI that the drill was conducted by the Special Cell on Saturday, during which they dressed up as civilians and entered the Red Fort premises with a dummy bomb. "At that time, the policemen deployed for the security of the Red Fort could not trace the bomb, due to which they were suspended," the police added. In the weak leading up the Independence Day, security at the Red Fort has been beefed up with the area being declared a high-security zone. Independence Day marks the occasion when the Prime Minister hoists the Tricolour and addresses the nation. Meanwhile, a comprehensive security plan has been prepared for the area, ranging from a full-scale census of residents to the deployment of high-tech video analytics and advanced vehicle scanning systems. This year, for the first time, five types of surveillance cameras will be deployed in the days preceding the Independence Day celebrations. This will include headcount cameras, which tell the number of people in a frame and are designed to highlight suspicious objects. Also read: Local census, hi-tech surveillance for Independence Day event in Capital In a separate incident, five Bangladeshi illegal immigrants were arrested by the Delhi Police on Monday as they tried to forcibly enter the Red Fort premises. The police arrested all of them, and an investigation has now been launched. Talking about the arrested people, Delhi Police told ANI, "The age of all of them is around 20-25 years, and they work as labourers in Delhi.' Further, the police also recovered some Bangladeshi documents from them. All the arrested people are now being investigated, police added.
&w=3840&q=100)
Business Standard
15 minutes ago
- Business Standard
Trump sons' employer hoped to gain from Fed grants; later reverses stance
The New America Acquisition I Corp, which recently hired US President Donald Trump's two oldest sons, Eric Trump and Donald Trump Jr, has now revised a public document in which the company stated that it hopes to benefit from grants and other incentives from the federal government, which their father leads. According to an Associated Press report, the line was removed from the public document after the media house inquired about the conflict of interest with the Trump family business. Firm removes reference to Trump grants On August 4, The Wall Street Journal reported that Trump's two oldest sons will be receiving 'founder shares' worth millions of dollars in New America Acquisition I Corp, a special purpose acquisition company (SPAC), aimed at investing in US manufacturers. A special purpose acquisition company, or SPAC, is a listed shell company that looks to merge with a private company. Through this process, the target company can go public while bypassing some of the regulatory hurdles associated with a traditional IPO. The company filed paperwork on Monday (local time) for a $300 million initial public offering (IPO) on the New York Stock Exchange. It plans to raise money by selling new stocks on the Exchange at $10 per share. According to the Associated Press report, the previously published filing stated that the target company (with which the New America Acquisition I Corp will merge) should be 'well-positioned' to tap federal or state government incentives. However, the reference was taken out of the revised version. Trump brothers eye $50m paper gain As part of their involvement as advisors in the New America Acquisition I Corp, Eric and Donald Trump Jr were awarded three million and two million founder shares, respectively. If the company is successful in its plan to raise $300 million, the offering would give both Eric and Donald Trump Jr a combined paper wealth of up to $50 million on the first day of trading, based on the value of their founder shares. Family's business ventures under scrutiny The rapidly expanding business ventures by the Trump family have now come under scrutiny as concerns over potential conflicts of interest arise. Previously, the US President also pledged support to boost the cryptocurrency industry, an area where his family has major financial stakes. Trump's family is a major investor in the crypto project World Liberty Financial, and Eric Trump and Donald Trump Jr have significant holdings in a bitcoin-mining company. Earlier this year, he launched a Trump-branded memecoin, further deepening the family's involvement in digital assets.
&w=3840&q=100)
Business Standard
15 minutes ago
- Business Standard
Rupee skids close to record low as Trump threatens more tariffs
The Indian Rupee slid on Monday, towards its record low as US President Donald Trump ramped up pressure on India regarding their oil imports from Russia. The domestic currency opened 16 paise lower at 87.82 against the dollar on Tuesday, according to Bloomberg. The rupee has declined 2.6 per cent so far in the calendar year and recorded its worst monthly fall in July since September 2023. The rupee's record low stands at 87.95, touched in February this year. Trump, in the social media platform Truth Social, threatened to 'substantially' raise tariffs on Indian goods, accusing the country of profiting from the resale of Russian oil and ignoring the human toll in Ukraine. India, however, dismissed Trump's remarks, calling them 'unjustified and unreasonable.' The Ministry of External Affairs (MEA) stressed that India's energy ties with Russia are driven by national "necessity" and are far smaller in scale compared to trade between Russia and the West. The domestic currency remained under pressure and is likely to stay weak this week after Trump signalled the possibility of higher tariffs on India for continuing to purchase Russian oil, according to Anil Kumar Bhansali, head of treasury and executive Director at Finrex Treasury Advisors LLP. "The currency has also faced sustained pressure from foreign portfolio investors (FPIs) following Trump's earlier announcement of 25 per cent tariffs on all Indian exports, despite ongoing trade talks." FPIs remained net sellers for teh 11th straight session on Monday, selling equities worth ₹2,403 crore in the previous session. In this calendar year so far, global funds have sold stocks worth ₹1.03 trillion, as per NSDL data. The rupee closed at 87.6550 on Monday and is expected to open at a fresh low of 88 on Tuesday, following Trump's latest remarks specifically targeting India, Bhansali said. Exporters may continue to sell at current lows, while importers are likely to adopt a wait-and-watch approach, he said. "Market participants will closely monitor the Reserve Bank of India's stance on the rupee's new levels in today's session." Meanwhile, the focus will be on RBI Governor Sanjay Malhotra as the Monetary Policy Committee (MPC) begins its meeting yesterday, August 4, to decide on key interest rates. The RBI is likely to remain status quo as per a Business Standard poll, with all analysts expecting a further reduction in the 2025-26 (FY26) inflation forecast. The dollar index, the measure of the greenback against a basket of six major currencies, was up 0.07 per cent at 98.84. In commodities, crude oil prices extended their three-day fall amid looming trade tensions between India and the US. Brent crude price was down 0.29 per cent at 68.56 per barrel, while WTI crude prices were lower by 0.33 per cent at 66.07, as of 9:15 AM IST.
