US President Donald Trump claimed on Wednesday that Prime Minister Narendra Modi has assured him that India will stop buying oil from Russia.
"So I was not happy that India was buying oil, and he (Modi) assured me today that they will not be buying oil from Russia," Trump told reporters during a White House event. During his comments to reporters, Trump added that India could not "immediately" halt shipments, calling it "a little bit of a process, but that process will be over soon."
At present, India and China are the two top buyers of Russian seaborne crude exports, taking advantage of the discounted prices Russia has been forced to accept after European buyers shunned purchases and the U.S. and the European Union imposed sanctions on Moscow for its invasion of Ukraine in February 2022.
Trump has recently targeted India for its Russian oil purchases, imposing tariffs on Indian exports to the U.S. to discourage the country's crude buying as he seeks pressure Moscow to negotiate a peace deal in Ukraine.
Russia is India's top oil supplier. Moscow exported 1.62 million barrels per day to India in September, roughly one third of the country's oil imports. For months, PM Modi resisted U.S. pressure, with Indian officials defending the purchases as vital to national energy security.
While imports from other producers would likely cost India more, lower oil prices would temper the impact. Benchmark Brent crude futures hit a five-month low on Wednesday on concerns about a growing surplus in the market.
A move by India to stop imports would signal a major shift by one of Moscow's top energy customers and could reshape the calculus for other nations still importing Russian crude. Trump wants to leverage bilateral relationships to enforce economic isolation on Russia, rather than relying solely on multilateral sanctions.
The announcement comes just days after Trump's new pick for Indian ambassador, Sergio Gor, met with Modi. The two discussed defense, trade and technology issues. The appointment of Gor, a close confidant to Trump, was widely seen as a positive move for the U.S.-India bilateral relationship.
Despite his push on India, Trump has largely avoided placing similar pressure on China. The U.S. trade war with Beijing has complicated diplomatic efforts, with Trump reluctant to risk further escalation by demanding a halt to Chinese energy imports from Russia.
Trump imposed a 25% tariff on India this summer after the two countries failed to reach an initial trade agreement. He followed up with an additional 25% because of the country's purchases of Russian oil.
India chafed at the move because no other top purchasers of Russian oil, like China or Turkey, were hit with similar tariffs.
"So I was not happy that India was buying oil, and he (Modi) assured me today that they will not be buying oil from Russia," Trump told reporters during a White House event. During his comments to reporters, Trump added that India could not "immediately" halt shipments, calling it "a little bit of a process, but that process will be over soon."
At present, India and China are the two top buyers of Russian seaborne crude exports, taking advantage of the discounted prices Russia has been forced to accept after European buyers shunned purchases and the U.S. and the European Union imposed sanctions on Moscow for its invasion of Ukraine in February 2022.
Trump has recently targeted India for its Russian oil purchases, imposing tariffs on Indian exports to the U.S. to discourage the country's crude buying as he seeks pressure Moscow to negotiate a peace deal in Ukraine.
Russia is India's top oil supplier. Moscow exported 1.62 million barrels per day to India in September, roughly one third of the country's oil imports. For months, PM Modi resisted U.S. pressure, with Indian officials defending the purchases as vital to national energy security.
While imports from other producers would likely cost India more, lower oil prices would temper the impact. Benchmark Brent crude futures hit a five-month low on Wednesday on concerns about a growing surplus in the market.
A move by India to stop imports would signal a major shift by one of Moscow's top energy customers and could reshape the calculus for other nations still importing Russian crude. Trump wants to leverage bilateral relationships to enforce economic isolation on Russia, rather than relying solely on multilateral sanctions.
The announcement comes just days after Trump's new pick for Indian ambassador, Sergio Gor, met with Modi. The two discussed defense, trade and technology issues. The appointment of Gor, a close confidant to Trump, was widely seen as a positive move for the U.S.-India bilateral relationship.
Despite his push on India, Trump has largely avoided placing similar pressure on China. The U.S. trade war with Beijing has complicated diplomatic efforts, with Trump reluctant to risk further escalation by demanding a halt to Chinese energy imports from Russia.
Trump imposed a 25% tariff on India this summer after the two countries failed to reach an initial trade agreement. He followed up with an additional 25% because of the country's purchases of Russian oil.
India chafed at the move because no other top purchasers of Russian oil, like China or Turkey, were hit with similar tariffs.
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