US President Donald Trump's statement that India has agreed to stop buying Russian oil is causing a stir in the energy market. But from Moscow, the Kremlin affirmed that it has not received any such information from New Delhi.
Speaking to reporters on February 3, Kremlin spokesman Dmitry Peskov emphasized: Russia only knows about the public statements of the Indian side and so far, there has been no official signal showing that New Delhi has changed its position on Russian oil.
A day earlier, US President Donald Trump announced that Washington and New Delhi had reached a new trade agreement, under which the US would reduce import tariffs on Indian goods to 18%. Also in this statement, Mr. Trump said that India had agreed to stop buying Russian crude oil - a detail that immediately attracted the attention of investors and governments.
However, when confirming the trade agreement with the US, Indian Prime Minister Narendra Modi did not mention any commitments related to ending Russian oil imports.
Spokesman Peskov affirmed that Russia continues to consider India an important strategic partner, and Russia will "develop bilateral relations by all means possible".
Sharing the same view, Russian Deputy Prime Minister Aleksandr Novak said that Russia only relies on official statements from India.
“Let's wait and see how the situation develops. But overall, our energy source still has demand. Supply will find demand, because the market balance is always maintained” - Mr. Novak said.
According to the press, even in the scenario where India wants to sharply reduce Russian oil imports, the country's oil refineries also need a "cooldown" period to complete signed contracts. To date, New Delhi has not issued any directives requiring the cessation of Russian oil imports.
International organizations are also cautious. Moody's warns that India's immediate stopping of Russian oil imports will seriously disrupt the global oil market, while negatively affecting India's own economic growth.
Although India has reduced its purchases of Russian oil in recent months, the possibility that this country completely and immediately stops is very low, because it could harm the economy," Moody's said.
In January, the Indian government admitted that oil imports from Russia tended to decrease, but emphasized that this is the result of market conditions, not a policy decision.
Oil Minister Hardeep Puri also affirmed that Indian oil and gas companies make commercial decisions themselves, and the government does not impose administrative orders.
India - the third largest oil consumer in the world - has become a key market for Russian oil since the Ukraine conflict escalated in 2022.
With deep discounts, Russian oil helps Indian refineries reduce costs, thereby curbing domestic inflation.
