'Incorrect, Misleading': GTRI Slams Donald Trump's Claims On India's Russian Oil Imports
Think tank GTRI rebutted Donald Trump's claims that India resells Russian oil, stating that India is a net crude importer and China is the larger buyer of Russian oil.
Think tank Global Trade Research Initiative (GTRI) has stated that Donald Trump's claims that India is buying massive amounts of Russian oil and is 'selling" the same in the open market are factually incorrect and misleading, and that China buys more Russian oil than India.
It also noted that a key reason New Delhi stepped up Russian oil purchases was to help stabilise global oil markets after Western sanctions disrupted traditional supply chains.
'Trump has targeted India, but China buys more oil," GTRI founder Ajay Srivastava said, commenting on the US President's threat of raising the tariff paid by India for buying 'massive amounts of Russian oil".
'Mr Trump's decision to raise tariffs on India, citing oil trade, is not only unjustified, it ignores market realities, misrepresents trade data, and undermines a key strategic partnership in the Indo-Pacific," Srivastava said.
The GTRI further said India does not export crude oil.
'India is a net importer of crude oil, and its global exports of crude stand at zero. What India does export are refined petroleum products, including from Russian oil, such as diesel and jet fuel, after processing crude oil in its refineries, just like many other energy-importing countries," it said.
'Second, China, not India, is the largest buyer of Russian oil," it added.
'In 2024, China imported $62.6 billion worth of Russian oil, compared to India's $52.7 billion. But Mr. Trump appears unwilling to criticise China, perhaps because of geopolitical calculations, and instead targets India unfairly," Srivastava said.
He said India's oil trade with Russia has taken place with full transparency and broad understanding with the United States.
'One of the key reasons India stepped up Russian oil purchases was to help stabilise global oil markets after Western sanctions disrupted traditional supply chains. By maintaining diversified and affordable energy access, India contributed to preventing a global oil price shock," he said.
Srivastava said India's oil refineries, comprising both government-owned and private-sector entities, operate independently when it comes to sourcing crude oil and do not require government approval to buy from Russia or any other country.
Their purchase decisions are guided by commercial considerations, such as price, supply stability, and export market regulations," he said.
The GTRI founder said that if refiners assess that the risks of importing Russian crude, such as secondary sanctions or loss of access to key export destinations, outweigh the cost advantages of discounted oil, they may choose to reduce or stop such purchases on their own.
'For instance, while India exported diesel and aviation turbine fuel (ATF) to the EU in FY2025, these exports will now cease due to the EU's ban on products refined from Russian crude. In such scenarios, Indian refiners will naturally shift away from Russian oil without waiting for any government directive," he said.
Srivastava said that in May 2025, India's imports from Russia had reduced by 9.8 per cent to $9.2 billion compared to the May 2024 purchase.
DONALD TRUMP's CLAIM AND INDIA's RESPONSE
In a fresh trade threat against India, Trump on Monday said he will 'substantially" raise US tariffs on New Delhi, accusing it of buying massive amounts of Russian oil and selling it for big profits.
Last week, the Trump administration slapped a 25 per cent duty on all Indian goods. The US President also announced a penalty for buying 'vast majority" of Russian military equipment and crude oil, but no mention was made in the notification.
'India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump wrote in a social media post on Monday.
'They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added.
In its reaction, India said it will take all necessary steps to safeguard and promote national interest and that the implications of the tariffs are being examined.
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August 05, 2025, 08:33 IST
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