India Defies US Sanctions, Continues Buying Russian Oil
Despite US President Donald Trump's threat of unspecified sanctions, India has reiterated its plans to continue buying Russian oil, with officials stating that there has been no change in policy. This move comes as India has increased its purchases of Russian oil significantly since Vladimir Putin's invasion of Ukraine in 2022, now sourcing over a third of its oil from Moscow.
Key Takeaways:
- India has increased its purchases of Russian oil by over 30% since 2022, with over a third of its oil now sourced from Moscow.
- US President Donald Trump has threatened to impose unspecified sanctions on India if it does not cut off imports of Russian crude oil.
- Two senior Indian officials have confirmed that there has been no change in policy regarding Russian oil imports.
- India has not given any direction to oil companies to cut back on imports of Russian oil.
- At least two vessels loaded with Russian oil bound for refiners in India were diverted to other destinations after Trump's sanctions.
- A recent report found that China and India have found ways to disregard or evade Western sanctions, including by using front companies.
- India was the world's largest arms importer in 2024, with Russia being its largest supplier.
- A $1.4m explosive compound sales agreement between a private Indian company and two Russian companies has been reported.
Statistics:
- Over 30% of India's oil is now sourced from Russia, up from less than 1% before the war.
- India has increased its purchases of Russian oil since 2022.
- Over $1.4m explosive compound sales agreement between a private Indian company and two Russian companies.
- India was the world's largest arms importer in 2024.
- Russia was India's largest supplier of arms in 2024.
- Three ships (Tagor, Guanyin, and Tassos) under US sanctions were scheduled to deliver Russian oil to Indian ports this month.
Sources:
- The New York Times
- Sipri (defence think tank)