Russia backs oil trade with India, says energy ties ‘stable’ despite diversification talk

Russia on Wednesday firmly backed its oil trade with India, calling it mutually beneficial and vital for global energy stability. In a statement, Russia’s Foreign Ministry said energy cooperation between the two countries “is beneficial to both countries and contributes to maintaining stability in the international energy market,” adding that it had “no reason to believe that our Indian friends have reconsidered their approach.”

The reassurance comes days after US President Donald Trump announced a trade understanding with India and claimed that New Delhi would halt purchases of Russian crude, an assertion India has not publicly confirmed.

Earlier, Commerce and Industry Minister Piyush Goyal reiterated that India would diversify its energy basket to safeguard energy security amid shifting global dynamics.

The Kremlin has sought to downplay talk of a shift. Spokesperson Dmitry Peskov noted that Russia has never been India’s sole oil supplier and that India has consistently sourced crude from multiple countries.

Data, however, show that Indian imports of Russian oil have eased in recent months, according to a Reuters report.

January volumes fell to about 1.215 million barrels per day (bpd), down roughly 9% from December and significantly lower than November levels, it added.

State-run refiners such as Indian Oil Corporation and Bharat Petroleum Corporation Ltd reduced intake, while Reliance Industries imported no Russian crude in January, Reuters cited Kpler data.