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Indian officials emphasized efforts to diversify the nation's energy supply, with Oil Minister Hardeep Singh Puri stating that India's petroleum reserves could last for 74 days in the event of global supply disruptions. The government's stated top priority is ensuring energy for its 1.4 billion people. Foreign media reports noted India had detained three oil tankers for alleged smuggling and was exploring new suppliers, though officials clarified no final decision had been made to completely cease purchases from Russia.
A major development was the announcement by Trump of a new trade agreement with India. Trump stated that, as part of the deal, India had committed to stop purchasing oil from Russia, and that the US would remove a 25% punitive tariff on some Indian imports while lowering general tariffs. Russian officials, including Foreign Minister Sergei Lavrov, countered this claim, stating they had only heard it from Trump and that India remained free to buy oil from any supplier. The Indian government did not directly confirm the commitment to halt Russian oil purchases, instead reiterating that its energy strategy is guided by national interests and market dynamics. The Kremlin also stated it had received no official communication from India on the matter, with analysts noting an immediate halt is considered extremely unlikely given India's heavy reliance on Russian crude.
3 topics | 36 sources
Indian officials are emphasizing the country's efforts to secure its energy supply by buying oil from many different sources, including Venezuela. Oil Minister Hardeep Singh Puri stated that India's petroleum reserves could be impacted by geopolitical developments, highlighting the need for a diversified supply strategy.
3 topics | 180 sources
Feb 28 — Feb 24
Trump says India will stop buying Russian oil and signs order lifting tariffsTrump signed an executive order removing a 25% penalty tariff on India. The order stated that India had 'committed' to stop importing oil from Russia and would instead purchase oil from the United States and other sources, including Venezuela. Indian officials, including Foreign Minister S. Jaishankar, responded by emphasizing that energy security and national interests guide their decisions. They stated that India is 'wedded to strategic autonomy' and will buy oil from any supplier based on market dynamics. Russian Foreign Minister Sergei Lavrov said Moscow had not heard from India about stopping purchases and that India is free to buy oil from any country. The U.S. action was framed as part of a broader trade deal. A U.S. fact sheet and some U.S. officials said India earned the tariff relief by recalibrating its Russian oil trade. Data shows India's imports of Russian oil have declined but have not stopped.