A day after US President Donald Trump claimed that Prime Minister Narendra Modi had assured him that India would stop buying oil from Russia, as Washington has been demanding, New Delhi on Tuesday reiterated that the country’s energy decisions are guided by consumer interests.
The government highlighted that ensuring stable energy prices and securing supplies are the twin objectives of India’s energy policy, and stressed that decisions are guided accordingly.
“India is a significant importer of oil and gas. It has been our consistent priority to safeguard the interests of the Indian consumer in a volatile energy scenario. Our import policies are guided entirely by this objective,” the Ministry of External Affairs said in a statement.
Washington has been pressuring New Delhi in recent months to halt oil imports from Russia, which accounts for one-third of India’s total oil imports, arguing that this move would restrict Moscow’s economic resources and compel it to end the war in Ukraine. On Wednesday, Trump claimed, “He (PM Modi) assured me today that they will not be buying oil from Russia. That’s a big step. Now we’re going to get China to do the same thing.”
In response to media queries on comments on India’s energy sourcing, the government affirmed, “Ensuring stable energy prices and secured supplies have been the twin goals of our energy policy. This includes broad-basing our energy sourcing and diversifying as appropriate to meet market conditions”.
Specifically, on expanding oil purchases from the US, the government added, “We have for many years sought to expand our energy procurement. This has steadily progressed in the last decade. The current Administration has shown interest in deepening energy cooperation with India. Discussions are ongoing”.
However, New Delhi did not directly comment on any decision regarding oil purchases from Russia, nor on PM Modi’s “assurance” to end them, as claimed by Trump. On previous occasions, the as unjustified and reflective of a double standard.
Trump, while interacting with the media, however, added that while India’s shift away from Russian oil would take time, he believed the transition was already under way. “He’s not buying his oil from Russia. He can’t do it immediately. It’s a little bit of a process, but the process is going to be over soon,” he said.
If New Delhi decides to cut oil trade with Russia, it would represent a major geopolitical and economic shift for India, which has become Russia’s top oil customer, taking advantage of steep discounts following Western sanctions on Moscow.
After the Trump administration significantly escalated pressure on India in August by imposing 50 per cent tariffs on Indian exports, a clear economic measure aimed at discouraging trade, New Delhi has, for months ,
The government has maintained that its purchasing decisions are guided by national interest, energy security, and market economics, consistently stating that it will continue buying Russian oil as long as the discounted rates and logistics “serve us best”.