US President Donald Trump has claimed that New Delhi has agreed to stop buying Russian crude
Russia is unaware of any decision by India to halt purchases of its crude oil, Kremlin spokesman Dmitry Peskov has said.
US President Donald Trump claimed on Monday that India has agreed to stop oil purchases from Russia, while announcing a trade deal with the South Asian nation.
While confirming that the US had agreed to reduce its tariff on imports from India from 50% to 18%, Indian Prime Minister Narendra Modi did not make any mention of a commitment to halt Russian oil purchases.
Russia intends to continue to develop its relations with India in every possible way, Peskov said on Tuesday.
Russian Deputy Prime Minister Aleksandr Novak echoed the Kremlin spokesman’s sentiments. When questioned by the media on the sale of oil to India, Novak said Moscow only knows only of New Delhi’s public statements on the matter.
“Let’s see how the situation develops,” he said. “But in general, our energy resource is in demand, we often see this, the supply will always find demand, because the balance is maintained.”
Indian refiners would require a wind-down period to complete oil deals with Russia, Reuters reported on Tuesday. It added that New Delhi has so far not ordered any halt to imports.
Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement.
When two large economies and the…
— Narendra Modi (@narendramodi) February 2, 2026
Any immediate halt to crude oil imports by India would disrupt global oil markets, Moody’s warned.
“Even though India has reduced its purchase of crude oil from Russia in recent months, it is unlikely to cease all purchases immediately, which could be disruptive to India’s economic growth,” the ratings agency said in a note on Tuesday.
In January, India admitted its oil imports from Russia are expected to continue to decline as New Delhi diversifies its sources, but attributed it to “market-driven conditions.”
Oil Minister Hardeep Puri said that Indian oil companies are making their own decisions on purchases and that the government does not provide any mandate.
India, the world’s third-largest oil consumer, became a key market for Russian crude following the escalation of the Ukraine conflict in 2022.
February 03, 2026 at 05:47PM
RT