NEW DELHI — India has indicated that it will proceed shopping for oil from Russia regardless of threats by U.S. President Donald Trump.
The Indian international ministry stated its relationship with Russia was “regular and time-tested,” and shouldn’t be seen by means of the prism of a 3rd nation.
Addressing a weekly presser on Friday, spokesman Randhir Jaiswal stated India’s broader stance on securing its vitality wants was guided by the supply of oil within the markets and prevailing international circumstances.
The feedback observe an announcement by President Donald Trump that he intends to impose a 25% tariff on items from India plus an extra import tax due to New Delhi’s purchases of Russian oil.
The menace got here because the U.S. president has more and more soured on Russia for failing to conform to a ceasefire in Ukraine and has threatened new financial sanctions if progress will not be made.
India purchased 68,000 barrels per day of crude oil from Russia in January 2022, however by June of identical yr oil imports rose to 1.12 million barrels per day. The day by day imports peaked at 2.15 million in Might 2023 and have different since.
Provides rose as excessive as almost 40% of India’s imports at one level, making Moscow the biggest provider of crude to New Delhi, the Press Belief of India reported, citing information from Kpler, an information analytics firm.
India’s day by day oil consumption is pegged round 5.5 million barrels, of which almost 88% is met by means of imports.
The nation has traditionally purchased most of its crude from the Center East, however this has modified since Russia’s full-scale invasion of Ukraine in February 2022.
India, the world’s third-largest crude importer after China and the U.S., started shopping for Russian oil accessible at discounted charges after the West shunned it to punish Moscow.