India signifies it should maintain shopping for Russian oil regardless of Trump’s threats

The Indian overseas ministry stated its relationship with Russia was “regular and time-tested,” and shouldn’t be seen through the prism of a 3rd nation.

Addressing a weekly presser on Friday, spokesman Randhir Jaiswal stated India’s broader stance on securing its vitality needs was guided by the supply of oil within the markets and prevailing world circumstances.

The feedback complies with 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 sour on Russia for failing to comply with a ceasefire in Ukraine and has threatened new financial sanctions if progress isn’t made.

India purchased 68,000 barrels per day of crude oil from Russia in January 2022; however, by June of the same year, oil imports rose to 1.12 million barrels per day. The day-by-day imports peaked at 2.15 million in May 2023 and have varied since.

Provides as much as almost 40% of India’s imports at one level, making Moscow the most important provider of crude to New Delhi, the Press Belief of India reported, citing knowledge from Kpler, a knowledge analytics firm.

India’s day-by-day oil consumption is pegged at around 5.5 million barrels, of which almost 88% is met via imports.

The nation has traditionally purchased most of its crude from the Middle East; however, this has changed 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 out there at discounted charges after the West shunned it to punish Moscow.