Summary
India plans to keep buying oil from Russia even though there are sanctions from the U.S. and Europe. The Indian government has been discussing this with Russia, which is offering oil at low prices. The U.S. has responded by increasing tariffs on Indian goods to pressure India to stop these purchases.
Key Facts
- India plans to continue purchasing oil from Russia despite sanctions from Western countries.
- Indian Prime Minister Narendra Modi and Russian President Vladimir Putin discussed uninterrupted oil shipments at a meeting in New Delhi.
- Russia is offering oil at lower prices, around $35 per barrel, compared to the global rate of about $62.50 for Brent crude.
- India is the second-largest consumer of Russian oil, after China.
- India's purchases of Russian oil reached $5.8 billion in October 2024.
- The U.S. doubled tariffs on Indian goods to 50% to pressure India to stop buying Russian oil.
- President Trump said India's PM Modi assured him that India would stop purchasing Russian oil, though this was disputed by Russia.
