- India will reduce Russian oil imports to nearly zero by year-end, says Trump
- India currently imports about one-third of its crude oil from Russia
- India faces a 50% tariff on exports to the US partly due to Russian oil purchases
India will slash its Russian oil imports "down to nothing" by the end of the year, US President Donald Trump claimed on Thursday.
"India, as you know, has told me they are going to stop... It's a process. You can't just stop (buying oil from Russia). By the end of the year, they'll be down to almost nothing; almost 40% of the oil," Trump told reporters at the White House.
The president on Wednesday spoke to Prime Minister Narendra Modi about trade, signalling renewed momentum in talks between the two countries.
"India, they've been great. Spoke to Prime Minister Modi yesterday. They've been absolutely great," he said.
Trump also said New Delhi "won't be buying too much oil from Russia," suggesting that India is likely to scale back its Russian crude imports as part of the broader understanding being worked out.
India is already paying a 50% tariff on its exports to the US, half of which is a penalty for Russian oil purchases. Trump has repeated many times that the penalties will remain in place if India does not reduce the purchase of Russian oil.
While the US President said India would gradually reduce Russian imports, New Delhi maintained that energy purchases would continue to prioritise consumer interests.
Russia currently supplies about one-third of India's crude imports, but officials have indicated that state refiners are exploring higher volumes of US oil. Before 2022, India's import of Russian energy was next to nothing.
Trump also laid the blame on his predecessors, Joe Biden and Barack Obama, for the close relationship between China and Russia. "They should never have been forced together... Biden and Obama forced them together because of energy and oil. They are closer than they would normally be."
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