Russia's Foreign Ministry has clarified that it has "no reason" to believe that India has changed its position on purchasing Russian oil, asserting that such trade benefits both nations and supports stability in the global hydrocarbons market.
The remarks came after United States officials claimed that New Delhi had agreed to halt imports of Russian crude.
Foreign Ministry spokesperson Maria Zakharova said Moscow saw no indication of a shift in India’s stance on buying Russian hydrocarbons. She added that India’s purchases serve the interests of both countries and contribute to stability in the international energy market.
Zakharova also criticised statements made by US President Donald Trump and US Secretary of State Marco Rubio, accusing Washington of attempting to dictate terms to sovereign nations.
The comments followed a telephone conversation between Prime Minister Narendra Modi and Trump, after which both sides announced a reduction in US imposed tariffs on Indian goods to 18 per cent from 50 per cent. The rollback included the removal of a 25 per cent tariff imposed by Trump in August last year over India’s continued purchase of Russian oil.
While announcing the trade agreement with New Delhi in early February, Trump claimed that India had agreed to stop procuring crude oil from Russia.
However, India has neither confirmed nor denied the assertion. Last week, Rubio reiterated that India had committed to ending its purchases of Russian oil. India has previously maintained that national interest would remain the guiding factor in its energy procurement decisions.
Earlier, Russia had accused the US of trying to block India and other countries from buying Russian oil, alleging that Washington was employing coercive measures such as tariffs, sanctions and direct restrictions.
India keen to diversify crude oil sources: Union minister
India is looking to diversify its sources of crude oil and coking coal and would welcome imports of high quality coking coal from the United States, Commerce and Industry Minister Piyush Goyal said on Wednesday.
Speaking at an event in Mumbai, Goyal said India is keen to reduce its dependence on a limited number of geographies for key raw materials, as price fluctuations often create uncertainty.
“We want to diversify our oil sources. I want to diversify the source of coking coal, for example. I am dependent on 2 or 3 geographies and prices keep fluctuating. I would love to have American coking coal, which is high quality, coming to India,” he said.
The minister added that the US can supply several goods that India urgently needs to sustain economic growth. These include Graphics Processing Units for Artificial Intelligence applications, equipment for data centres and high performance computing systems.
Goyal said India can manufacture products in sectors where the US may not be competitive, while America can serve as a strong partner in technology and capital.
He also pointed to growing aviation demand, noting that there is already USD 100 billion worth of aircraft demand from the US over the next 5 years. He said additional capacity would be required to expand local operations and reduce air fares.
