Prime Minister Narendra Modi with the Russian President Vladimir Putin
| Photograph Credit score: PTI
India is free to purchase oil from any nation, and there may be nothing new about its choice to diversify its crude suppliers, the Kremlin stated on Wednesday (February 4, 2026).
Additionally Learn | India dedicated to not buying Russian oil, $500 billion of investments into U.S.: White Home
“We, together with all different worldwide power consultants, are effectively conscious that Russia just isn’t the one provider of oil and petroleum merchandise to India. India has all the time bought these merchandise from different international locations. Due to this fact, we see nothing new right here,” Kremlin Spokesman Dmitry Peskov stated whereas responding to a query.
He was requested about U.S. President Donald Trump’s declare that Prime Minister Narendra Modi had agreed to cease shopping for Russian oil and change to buying crude from the USA and, probably, from Venezuela.
A day earlier, Mr. Peskov stated that Russia has not obtained any statements from India relating to the cessation of Russian oil purchases.
Overseas Ministry Spokesperson Maria Zakharova on Wednesday (February 4) stated that the hydrocarbons commerce is helpful for each India and Russia.
“We stay satisfied that India’s buy of Russian hydrocarbons is helpful to each international locations and contributes to sustaining stability within the worldwide power market. We’re able to proceed shut cooperation on this space with our companions in India,” Ms. Zakharova stated at a press briefing.
Non-public Kommersant FM enterprise radio famous that, not like President Trump, PM Modi didn’t point out any settlement on stopping Russian oil imports.
Igor Yushkov, a number one skilled on the Nationwide Power Safety Fund, stated that Indian refiners can not absolutely cease the import of Russian crude.
“The American shale oil they export is gentle grades, just like fuel condensate. Russia, then again, provides comparatively heavy, sulfur-rich Urals. This implies India might want to mix U.S. crude with different grades, which incurs further prices, which means a easy substitution will not be attainable,” he stated.
“Russia usually exports 1.5 million to 2 million barrels per day to the nation. America will not be capable to cowl that quantity. So, one will get the sense that Trump is just making an attempt to indicate that he gained these commerce negotiations and the deal was concluded solely according to U.S. calls for,” he stated.
Final time, when Russia switched to the Indian market from European and American markets in 2022, it lower manufacturing by 1 million barrels per day. This led to costs rising to $120 per barrel, and the U.S. set an all-time excessive for gasoline and diesel costs, Mr. Yushkov recalled.
Mr. Trump final yr imposed 50% tariffs on India, among the many highest on the planet, together with 25% levies for its purchases of Russian power.
India buys about 88% of its crude oil, which is transformed into fuels like petrol and diesel, from abroad.
Russian oil made up hardly 0.2% of all crude oil that India imported until 2021. India, the world’s third-largest oil importer, grew to become the most important purchaser of discounted Russian crude after Western international locations shunned Moscow following its February 2022 invasion of Ukraine.
India’s import of Russian crude oil dropped to round 1.1 million barrels per day within the first three weeks of January, from a median of 1.21 million bpd within the earlier month and over 2 million bpd imports in mid-2025, in keeping with information from real-time analytics firm Kpler.
Printed – February 05, 2026 11:09 am IST