India’s Oil Balancing Act amid US-Russia Tensions

The Kremlin has not received any official statements from India about stopping Russian oil purchases, despite claims by Donald Trump. Russia aims to strengthen ties with India. India continues to import discounted Russian crude oil, becoming a major buyer, while also developing trade deals with the US.

The Kremlin reported on Tuesday that it has not received any communication from India regarding a cessation of Russian oil imports. Kremlin spokesperson Dmitry Peskov emphasized Russia's commitment to nurturing relations with India, dismissing recent allegations made by former US President Donald Trump about a change in India's oil purchasing behavior.

Trump had asserted that Indian Prime Minister Narendra Modi agreed to cease purchasing Russian oil and to pivot towards importing more from the United States and Venezuela. Trump elaborated on a trade agreement involving the US imposing a reduced tariff on India, moving from 25% to 18%, although Peskov insists no official changes exist.

Despite US pressures and global political shifts post Russia's invasion of Ukraine, India remains a significant buyer of Russian oil, alongside increasing imports from Iraq and Saudi Arabia. The geopolitical tension shapes a complex landscape for Indian energy import strategies, as the nation balances economic needs with diplomatic relations.

(With inputs from agencies.)