India Reduces Oil Imports from Russia
The country’s imports from Russia have already fallen to 1.3 million barrels per day, down from an average of 1.8 million barrels last year, Oil Minister Hardeep Puri told reports on Tuesday.
“There is a declining trend. These are market-driven conditions,” Puri said.
The statement comes amid growing pressure from Washington to curtail Russian oil purchases, as the US has sought to push Moscow toward resolving the Ukraine conflict.
Puri emphasized that Indian oil firms make their own decisions regarding purchases, with no directives from the government. He also highlighted that India is now in a position to diversify its suppliers, sourcing oil from 41 different countries. Indian companies are reportedly interested in increasing imports from Canada and the US, Puri added.
India faces a 25% punitive tariff on its US exports linked to Russian oil purchases, in addition to a separate 25% tariff applied after trade talks between New Delhi and Washington failed in 2025.
US Trade Representative Jamieson Greer said that India had made progress in reducing Russian oil imports.
“They like the discount that you get from Russian oil, so it’s hard for them. The Treasury Department has put into place, you know, a few weeks ago now, more significant sanctions, so we expect India to continue to wind that down, but we’re watching it closely,” he told reports on Tuesday.
Last week, US Treasury Secretary Scott Bessent stated that India had stopped buying Russian oil after the US imposed a 50% tariff.
As the world’s third-largest oil consumer, India became a major buyer of Russian crude after the Ukraine conflict escalated in 2022. Since then, Russia has remained India’s leading oil supplier, according to analytics data.
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