US President Donald Trump recently commented on reports suggesting India has halted imports of Russian oil, calling it a "good step" if confirmed. Trump stated, "I understand that India is no longer going to be buying oil from Russia. That's what I heard, I don't know if that's right or not. That is a good step. We will see what happens." This remark comes after Washington imposed a 25% additional import duty on Indian goods and warned of penalties for continued trade with Russia, particularly in arms and crude oil.

However, the Ministry of External Affairs (MEA) in India swiftly countered these reports, asserting that India's energy purchases are driven by national interests and market forces.

An MEA source clarified, "India's energy purchases are driven by national interests and market forces. We do not have any reports of Indian oil firms halting Russian imports."

MEA spokesperson Randhir Jaiswal also emphasised the country's strategic partnership with Russia, stating, "India and Russia have a steady and time-tested partnership."

The reports of India's alleged halt on Russian oil imports were attributed to narrowed discounts and growing US pressure. According to a Reuters report, Indian state-run refiners, including Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp, and Mangalore Refinery and Petrochemicals Ltd, had not placed orders for Russian crude in the past week. These refiners typically buy Russian oil on a delivered basis and have instead turned to spot markets for replacement supplies, primarily from the Middle East and West Africa.

India is the world's third-largest oil importer and the largest buyer of seaborne Russian crude. The country's state refiners control over 60% of India's 5.2 million barrels per day refining capacity, while private refiners like Reliance Industries and Nayara Energy are significant buyers of Russian oil. The US had threatened 100% tariffs on countries buying Russian oil unless Moscow reaches a major peace deal with Ukraine, which has contributed to the pressure on India to reconsider its imports.

The development has implications for India-US relations, with the US imposing tariffs on Indian goods worth $85 billion. Trump had criticised India for having high tariffs and emphasised the need for a fair trade deal. The Indian government has maintained that its relationships with various countries, including Russia and the US, are based on mutual interests and respect for each other's sovereignty.

Based On NDTV Report