Trump Claims India Will Halt Russian Oil Imports, New Delhi Denies Deal

President Donald Trump stated that Prime Minister Narendra Modi assured him India will stop buying Russian oil. He made the claim during a White House address on Wednesday. The announcement sent immediate ripples through global energy markets.

India’s government swiftly denied the assertion. An official spokesperson confirmed the two leaders had not spoken that day.

Conflicting Accounts Create Diplomatic Uncertainty

Trump described Modi as a “great man” and a “friend.” He acknowledged the shift away from Russian energy would be a process. He suggested it would conclude “within a short period of time.”

According to Reuters, the external affairs ministry provided a different account. Spokesperson Randhir Jaiswal said he was unaware of any Wednesday conversation. The leaders last spoke on October 9.

Jaiswal reaffirmed India’s position on energy security. He stated purchases are guided by the need to protect Indian consumers. This occurs within a volatile global energy scenario.

Market Reactions and Refinery Responses

Oil prices initially reacted to Trump’s comments. The Russian rouble also weakened on the news. This reflects market sensitivity to potential shifts in export revenues.

Data from Kpler, reported by Bloomberg, shows Russia remains India’s top crude supplier. Its share was about 34% in September. Imports for October were actually tracking higher.

Executives at Indian state-owned refiners were reportedly caught off guard. Most expect a reduction in Russian crude purchases, not a full stop. They await official clarification from New Delhi.

Trade talks between the two nations are ongoing. India’s commerce secretary expressed willingness to increase energy imports from the US. He emphasized any deals must remain commercially viable.

The situation highlights the delicate balance in US-India relations. The future of India Russian oil purchases remains a pivotal issue. It sits at the intersection of energy security, diplomacy, and global trade.

Thought you’d like to know

Did India agree to stop buying Russian oil?

President Trump claimed an agreement was made. India’s government has denied any such recent conversation occurred. The official position on energy purchases remains unchanged.

What is India’s official stance on Russian oil?

India maintains its purchases are driven by national interest and energy security. The goal is to secure affordable oil for its consumers in a volatile market. The policy is not aligned with any single geopolitical bloc.

How much oil does India buy from Russia?

Recent data shows Russia is India’s largest single crude supplier. Imports accounted for approximately 1.6 million barrels per day in September. This represented about a 34% share of total imports.

What was the market impact of Trump’s statement?

Oil prices saw initial volatility following the announcement. The Russian rouble weakened significantly against the dollar. Markets are sensitive to any changes in Russia’s key export revenues.

Why is the US pressuring India on this issue?

The US argues that oil purchases fund Russia’s war efforts. Washington has imposed tariffs targeting nations that continue such transactions. It is a core part of the broader strategy to pressure Moscow.

Trusted Sources

Reuters, Associated Press, Bloomberg, Hindustan Times