The Indian-flagged oil tanker Desh Ujaala is pictured in Gulf waters close to the Al-Basrah Oil Terminal (ABOT), about 50 kilometers off the coast of the Faw peninsula in southern Iraq, on August 5, 2025.
Hussein Faleh | AFP | Getty Photographs
US President Donald Trump stated on Wednesday that Indian Prime Minister Narendra Modi instructed him that New Delhi will cease shopping for oil from Russia, though the transfer will take time.
“[Modi] they assured me immediately that they won’t purchase oil from Russia. It is a massive cease,” Trump stated on the press conference in the Oval Office. “Now we now have to get China to do the identical factor.”
He added that Washington was sad with New Delhi’s purchases of Russian oil as a result of they allowed Moscow to proceed waging its “ridiculous battle” in Ukraine.
Nonetheless, the US president additionally stated that the shutdown won’t be fast and that there might be “a small course of”, with out offering a transparent timeline.
CNBC reached out to India’s Ministry of Petroleum and Pure Gasoline for remark however didn’t instantly obtain a response.
Indian imports of Russian oil have been a stumbling block within the relationship between Washington and New Delhi. Trump imposed extra 25% tariffs on India in August, growing the whole price to 50%, whereas India appealed to the US over its commerce with Russia.
“If India doesn’t purchase [Russian] oil, do [ending the war] a lot simpler,” Trump stated. “They assured me that inside a brief time period they won’t purchase oil from Russia and can return to Russia after the battle is over.”
On Thursday, Brent crude futures was up 0.82% to $62.43 a barrel at 10:31 pm ET, whereas U.S. West Texas Intermediate futures have been up 0.89% to $58.79.
India is without doubt one of the largest consumers of Russian oil. Knowledge from analysis agency Kpler reveals that Russia exports about 3.35 million barrels of oil per day, with India exporting about 1.7 million and China 1.1 million.
New Delhi has defended these purchases, with Vitality Minister Hardeep Singh Puri telling CNBC in July that New Delhi helped stabilize world power costs and was inspired by the US to take action.
“If individuals or international locations had stopped shopping for at this stage, the value of oil would have gone as much as $130 per barrel. This was a scenario the place we have been suggested, together with by our pals within the US, to purchase Russian oil, however throughout the worth restrict,” Puri stated.
Russian crude oil gross sales have been positioned beneath a worth cap by G7 international locations and the European Union since Moscow’s 2022 invasion of Ukraine.
This worth restrict, set at $47.6 per barrel, goals to restrict Moscow’s income from oil exports, proscribing the nation’s means to finance its battle in Ukraine.
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