Kamal Ghorui
AI image used for representative purposes
Russia’s foreign ministry firmly claimed on Wednesday that it has “no reason to believe” that India changed its stance on purchasing Russian oil, despite US claims suggesting otherwise. The ministry emphasised that the oil trade benefits both nations and helps maintain global energy market stability, while dismissing recent statements by US President Donald Trump and Secretary of State Marco Rubio about India agreeing to stop Russian oil imports.“We have no reason to believe that India has changed its position on buying Russian hydrocarbons. India’s purchase of Russian hydrocarbons benefits both countries and helps maintain stability in the international energy market,” said Russian Foreign Ministry spokesperson Maria Zakharova during her weekly briefing.Zakharova further criticised US leadership, saying, “There is nothing new in the claims of US President Donald Trump, as well as US Secretary of State Marco Rubio, who have grabbed the right to dictate to independent nations.”The issue gained attention after the US recently reduced tariffs on Indian goods from 50 per cent to 18 per cent. This included removing a 25 per cent tariff that Trump had imposed on India last August due to its Russian oil purchases. Following a phone call between Prime Minister Modi and President Trump, US officials claimed India had committed to stopping Russian oil imports.India has maintained silence on these US claims, neither confirming nor denying them. MEA had previously stated that “national interests” would guide its energy procurement decisions.Meanwhile, Russia has accused the US of using various pressure tactics, including tariffs, sanctions, and direct prohibitions, to prevent India and other countries from buying Russian oil.In her briefing, Zakharova also took aim at Ukraine’s European allies, suggesting they are not interested in pursuing peaceful solutions to ongoing conflicts.
Russian imports at a low?
India’s crude sourcing pattern is reportedly shifting, with Russian oil imports falling to their lowest levels in over two years. Data cited by Reuters claims Russian shipments accounted for just 21.2 per cent of India’s total imports in January, the smallest share since late 2022, at around 1.1 million barrels per day, down sharply from December and about one-third lower year-on-year.Russia had become India’s top supplier after 2022, with its share once nearing 40 per cent, driven by discounted crude. However, tightening Western sanctions and growing US trade engagement appear to have weighed on purchases. China has now overtaken India as Russia’s largest seaborne crude buyer.To compensate, Indian refiners increased purchases from other regions. Middle Eastern crude rose to roughly 55 per cent of imports in January, while Latin American supplies hit a 12-month high. Saudi Arabia has regained its position as India’s leading supplier, with February volumes tracking at record levels.Read more: Share of Russian crude in India’s oil imports falls to lowest since November 2022; Middle East supplies riseAnalysts expect Russian flows to decline further in the coming months, though not cease entirely, as India continues to emphasise its policy of “strategic autonomy” in energy procurement.
