US President Donald Trump on Saturday addressed unsubstantiated reports indicating that India has stopped buying oil from Russia, labeling the development as a "good step" if it were true. However, Indian Ministry of External Affairs (MEA) officials claimed to have no information about such a stop in energy imports.
Addressing the press in Washington DC, President Trump stated, "I hear that India is no longer going to be purchasing oil from Russia. That's what I heard, I don't know if that is correct or not. That is a positive step. We will see what happens."
His remark comes just days after the US administration imposed punitive measures on India for persisting with buying Russian crude and military hardware. They include a further 25% duty on Indian imports. Trump and Secretary of State Marco Rubio had recently raised concern about India's continued purchase of cheaper Russian oil in spite of global sanctions regarding the Ukraine war.
In spite of these claims, MEA officials stressed they had seen no indication that Russian oil imports were being halted. "India's energy acquisitions are guided by national interest and market forces. We have no report of Indian oil companies suspending Russian imports," an official in the ministry said.
Even though the official press release was not out then, MEA spokesperson Randhir Jaiswal, in a routine media briefing on Friday, said the same thing.
"You are aware of our general strategy towards energy sourcing needs, that we consider what can be available in the market and what is the general global scenario. We are not aware of any details," Jaiswal said.
This follows a spate of reports showing that Indian state refiners have suspended purchases of Russian oil temporarily as prices lose their luster and Washington pressure mounts. India is now the world's third-largest oil importer and has been the largest consumer of seaborne Russian crude.
As per Reuters, leading Indian state refiners such as Indian Oil Corporation, Hindustan Petroleum Corporation, Bharat Petroleum Corporation, and Mangalore Refinery and Petrochemicals Ltd have avoided making new purchases of Russian crude over the last few days.
When contacted by Reuters, neither the federal oil ministry nor the state refiners provided immediate remarks.
These companies typically procure Russian oil on a delivered basis and have reportedly begun sourcing alternatives through the spot market, focusing on Middle Eastern and West African grades like Abu Dhabi’s Murban crude.
Though private sector players like Reliance Industries and Nayara Energy remain among the top importers of Russian oil, state-owned refiners cover over 60% of India's refining capacity of about 5.2 million barrels per day.
President Trump, on July 14, had made a stern threat by saying he would impose 100% tariffs on countries still purchasing oil from Russia unless the Kremlin signs a significant peace deal with Ukraine.
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