Trump tariff threat: No order for refiners from India to stop Russian oil imports despite US pressure, claims report
According to Bloomberg sources who spoke on the condition of anonymity due to the sensitivity of the issue, no official decision has been made to stop imports from Russia.
Both state-run and private refiners continue to source oil based on commercial considerations, and are permitted to buy from suppliers of their choice.
The clarification follows Trump's criticism of India on Wednesday for relying heavily on Russian energy and defence equipment.
The US President imposed an unexpected 25 percent tariff on Indian goods and threatened further penalties due to India's close ties with Moscow. He later told reporters that he 'heard' India would stop purchasing Russian oil, describing it as 'a good step.'
India has consistently maintained that its energy purchases are dictated by market conditions and pricing. Last week, according to Bloomberg, refiners were asked to draft contingency plans for procuring non-Russian crude, should the need arise.
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Officials reportedly asked state-owned processors to explore alternate sourcing options and estimate volumes that could replace Russian imports, describing it as scenario planning.
Despite this, The New York Times reported on Saturday that India will continue to buy Russian crude even under the threat of penalties from the US, citing two unnamed senior Indian officials.
India has become the largest buyer of Russian seaborne crude exports since the Ukraine conflict began, increasing its share from near zero to about one-third of total imports.
This has drawn criticism from both the US and the European Union, which view the purchases as indirect support for Moscow's war effort.
Reducing or halting Russian oil imports would likely force India to return to sourcing crude from Gulf producers at higher prices, a move that could increase the country's energy import bill, one of the sources told Bloomberg.
Prime Minister Narendra Modi has maintained a close relationship with Russian President Vladimir Putin, visiting Moscow in October. Putin is also expected to travel to India later this year.
In the meantime, state-owned Indian Oil Corp. has purchased at least 5 million barrels of US crude and an additional 2 million barrels from Abu Dhabi for near-term delivery, traders told Bloomberg.
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