India has indicated it plans to continue buying oil from Russia despite US President Donald Trump’s threat to impose a 25% tariff on goods from India. The Indian foreign ministry stated that its relationship with Russia is “steady and time-tested” and should not be influenced by third-party perspectives.
The move comes as the US president has been increasing pressure on Russia over Ukraine, threatening new economic sanctions if progress is made. However, this has not deterred India, which has historically purchased oil from the Middle East but shifted its focus to Russia due to Western sanctions.
India’s daily oil consumption is around 5.5 million barrels, with nearly 88% of it being met through imports. In January 2022, the country bought 68,000 barrels per day of crude oil from Russia, which later increased to 1.12 million barrels per day by June 2022.
The Indian government has emphasized its energy needs are guided by market availability and global circumstances, rather than being influenced by US President Trump’s threats. India is the world’s third-largest crude importer after China and the US, with Russia currently supplying nearly 40% of its imports at times.
Source: https://abcnews.go.com/International/wireStory/india-buying-russian-oil-despite-trumps-threats-124314078