India reduced Russian oil imports by 3.5 times in January

Moscow, Feb 4 (EFE).— India, the largest buyer of Russian crude oil, reduced its imports from Russia by 3.5 times in January compared with the same month last year, the Russian newspaper Kommersant reported on Wednesday.

According to the daily, New Delhi is replacing part of these volumes with crude from the United States and the Middle East, as it seeks to diversify its energy purchases amid the European Union’s ban on importing Russian petroleum products and pressure from Washington.

Most analysts consulted by Kommersant do not expect a complete halt to Russian oil supplies to India.

However, they acknowledge that January marked a turning point in the oil partnership between Moscow and New Delhi, as the model based on importing Russian crude, refining it in India and re-exporting petroleum products to the EU has ceased to function due to European restrictions.

On Monday, US President Donald Trump announced that, following a phone call with Indian Prime Minister Narendra Modi, New Delhi would stop importing Russian oil in exchange for a reduction in US trade tariffs on Indian goods.

According to Trump, India will instead purchase crude oil from the United States and possibly Venezuela, whose oil sector has been liberalized since the US capture of Venezuelan leader Nicolás Maduro a month ago.

The Kremlin, however, said on Tuesday that India has not informed Russia of any suspension of crude oil imports.

Speaking on Wednesday, Kremlin spokesperson Dmitri Peskov said he sees “nothing new” in India’s intention to diversify its oil imports.

“We are aware that Russia is not the only supplier of oil and oil products to India, which has always purchased these commodities from other countries as well,” Peskov said. EFE

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