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India is preparing to scale back its imports of Russian crude oil following pressure from the United States, Reuters reported Thursday, citing anonymous sources familiar with the matter.
Several Indian refiners have begun planning a gradual cut in Russian oil purchases, the report said, noting that an abrupt halt could drive up global oil prices and fuel domestic inflation.
New Delhi has not formally ordered refiners to stop buying Russian crude. But U.S. President Donald Trump said Wednesday that Prime Minister Narendra Modi had “assured” him India would end its purchases.
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India’s Foreign Ministry did not directly confirm or deny Trump’s remarks but said Washington had shown interest in “deepening energy cooperation” with New Delhi.
“Discussions are ongoing,” ministry spokesman Shri Randhir Jaiswal said.
Trade Secretary Rajesh Agarwal told reporters Wednesday that India was willing to double its annual imports of American oil and natural gas if prices were competitive. Those imports are currently valued at around $12-13 billion.
Agarwal said an Indian delegation was in Washington to discuss a bilateral trade agreement that would include energy cooperation.
Russia supplies more than one-third of India’s oil imports, a share that surged after Western sanctions on Moscow drove down prices for Russian crude.
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