Trump Says India Agreed To Stop Buying Oil From Russia

Authored by Emel Akan via The Epoch Times,

President Donald Trump announced on Oct. 15 that India has pledged to stop purchasing oil from Russia within a short period, a decision that would help cut off funding for Moscow’s ongoing war in Ukraine.

“Within a short period of time, they will not be buying oil from Russia,” Trump told reporters in the Oval Office during a press conference.

Trump said Indian Prime Minister Narendra Modi gave him the assurance on Oct. 15.

“That’s a big stop,” Trump said. “Now [I’ve] got to get China to do the same thing.”

Trump has repeatedly accused India and China of buying Russian crude oil and funding Moscow’s aggression in Eastern Europe.

“We were not happy with him buying oil from Russia, because that lets Russia continue on with this ridiculous war,” Trump said of Modi.

On Aug. 6, Trump issued an executive order raising the tariff rate on Indian goods entering the United States to 50 percent.

Trump pointed to India’s continued purchases of Russian oil as justification for the significant increase in levies on the nation’s exports.

In recent years, India has become one of Russia’s most important trading partners, with annual bilateral trade rising to nearly $69 billion.

The rapid increase in trade has been fueled primarily by energy purchases.

Before Russia invaded Ukraine, India’s annual crude oil imports from Russia hovered at about $1 billion. But since the war began, imports have skyrocketed, reaching $25.5 billion in 2022, $48.6 billion in 2023, and $52.7 billion in 2024, according to the U.N. Comtrade database.

Experts at the Observer Research Foundation think tank estimate that India accounts for more than one-third of Russia’s crude exports, behind China’s 50 percent share.

“Indian refiners have temporarily ramped up Russian crude imports, without any visible signs of concern emerging from the political leadership,” the foundation wrote in a report.

The United States has accused India of reselling Russian oil on the open market, allegedly further benefiting Russia.

“India’s subsequent reselling of this oil on the open market, often at significant profit, further enables the Russian Federation’s economy to fund its aggression,” Trump’s executive order reads.

In December 2021, Russian President Vladimir Putin and Modi signed a flurry of trade and arms deals. Putin and Modi also signed nine agreements related to trade, research, and climate action in July 2024.

According to the U.S. Trade Representative’s Office, the U.S. goods trade deficit with India was almost $46 billion in 2024, representing a 5.9 percent increase from 2023.