Kremlin spokesman Dmitry Peskov said on Thursday that Moscow was able to supply high-quality oil at lower prices to countries that US President Donald Trump is trying to persuade to stop buying Russian oil.
Peskov said that the principles of free trade would be violated if such countries were deprived of the right to buy what they wanted.
Trump said on Wednesday that Indian Prime Minister Narendra Modi has pledged to stop buying oil from Russia, and said he would next try to get China to do the same as Washington intensifies efforts to cut off Moscow’s energy revenues.
‘Local consumers remain priority’
India’s external affairs ministry earlier today issued a statement saying that local consumers remain the priority in its crude oil import policy. “The current US administration has shown interest in deepening energy cooperation with India, and discussions are ongoing for the same.”
India is a significant importer of oil and gas, said MEA. “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.”
Ensuring stable energy prices and secured supplies have been the twin goals of India’s energy policy, the ministry stated. “This includes broad-basing our energy sourcing and diversifying as appropriate to meet market conditions.”
India’s Russian oil imports between April and September fell 8.4 per cent on year due to narrower discounts and tighter supplies, with refiners seeking more oil from the Middle East and the United States, according to trade sources and shipping data
Despite the dip, India and China are the two top buyers of Russian seaborne crude exports, taking advantage of the discounted prices Russia has been forced to accept after European buyers shunned purchases and the US and the European Union imposed sanctions on Moscow for its invasion of Ukraine in February 2022.
Trump’s claim
“So I was not happy that India was buying oil, and he (Modi) assured me today that they will not be buying oil from Russia,” Trump told reporters during a White House event. During his comments to reporters, Trump added that India could not “immediately” halt shipments, calling it “a little bit of a process, but that process will be over soon.”Following the statement by Trump, Oil prices rose by around 1 per cent in early trade on Thursday. Brent crude futures rose 57 cents, or 0.9 per cent, to $62.48 a barrel at 0046 GMT. US West Texas Intermediate (WTI) futures also added 0.9 per cent, or 54 cents, to trade at $58.81.
Political backlash
Trump’s claims also triggered political turmoil in the country. Leader of Opposition Rahul Gandhi claimed that Modi is “frightened” of Trump, saying that he allowed the American leader to “decide and announce” that India will not buy Russian oil and “keeps sending congratulatory messages despite repeated snubs”.
“PM Modi is frightened of Trump. Allows Trump to decide and announce that India will not buy Russian oil. Keeps sending congratulatory messages despite repeated snubs. Cancelled the Finance Minister’s visit to America. Skipped Sharm el-Sheikh. Doesn’t contradict him on Operation Sindoor,” Gandhi said on X.
