At a time when the Donald Trump administration is demanding that India stop purchase of Russian crude, India’s oil imports from Russia rose to €2.9 billion (approximately $3.4 billion as per today's exchange rate) in August. The figure is very close to China’s €3.1 billion (approximately $3.64 billion.
According to Centre for Research on Energy and Clean Air data quoted in an ET report, India's imports rose from €2.7 billion in July, while China's declined from €4.1 billion.
US pressure on India to stop Russia crude oil buys
The United States has been exerting pressure on India to stop its Russian oil purchases, alleging that the trade supports Moscow's military operations in Ukraine. The US implemented a 25% supplementary tariff on Indian exports to America from August 27 as a consequence of Russian oil procurement, whilst not applying similar measures to other purchasing nations.
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The 50% misfire: How Trump made Russian oil cheaper for India - And Putin a winner According to a Reuters report, Trump has called for the European Union to enforce tariffs up to 100% on Chinese and Indian products to compel both countries to limit their energy trade with Russia. During August, China emerged as the primary importer of Russian crude and coal, whilst Turkiye led in purchasing Russian oil products and gas.
In terms of Russian fossil fuel procurement, India's aggregate imports amounted to €3.6 billion, ranking second to China's €5.6 billion. India's portfolio included coal imports worth €510 million and refined products valued at €282 million. China's purchases comprised €553 million in oil products, €55 million in coal and €676 million in pipeline gas.
Who bought Russia's fossil fuels after EU bans
The third position was held by Turkiye, with total Russian fossil fuel imports of €3 billion, distributed across pipeline gas (€1.2 billion), oil products (€1 billion), crude oil (€596 million) and coal (€225 million).
The EU secured the fourth position with €1.2 billion, primarily consisting of LNG and pipeline gas (€773 million) and crude oil (€379 million). South Korea occupied the fifth spot, with significant purchases in coal (€413 million), LNG (€118 million) and oil products (€33 million).
India has resisted American pressure, contending that it is unjust to criticise India specifically whilst China, the EU and other nations continue substantial Russian energy purchases. Although the US has not directly imposed sanctions on Russian oil, it has established a price ceiling, permitting imports below a specified value.
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‘Priority to pull India away from China’: Trump envoy confident on trade deal; says US ‘crystal clear’ on Russian oilThe TOI Business Desk is a vigilant and dedicated team of journal...
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