India reiterated that protecting the interests of domestic consumers remains central to India’s oil and energy imports and that the country is in talks to deepen energy cooperation with the US.
The comments from the Ministry of External Affairs (MEA) came in response to US President Donald Trump’s claim that India had assured him it would stop buying Russian oil.
Trump on Wednesday (October 15) remarked he has been assured by Prime Minister Narendra Modi that India will not be buying oil from Russia.
His comments to the press came as US-India trade talks are ongoing, with the Indian delegation still in the US.
"Ensuring stable energy prices and secured supplies have been the twin goals of our energy policy. This includes broad-basing our energy sourcing and diversifying as appropriate to meet market conditions," Randhir Jaiswal, Official Spokesperson for the MEA, said without clarifying whether PM Modi had in fact discussed its trade ties with Russia with Trump.
The ministry further added that both countries have made steady progress in energy partnership over the last decade.
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"Where the US is concerned, we have for many years sought to expand our energy procurement. This has steadily progressed in the last decade. The current Administration has shown interest in deepening energy cooperation with India. Discussions are ongoing," Jaiswal said.
India has already imported around $8 billion worth of energy from the US this year, which is 60% higher than last year, according to industry sources. India’s energy imports from the US are likely to touch $12 billion to $13 billion by the end of 2025.
Meanwhile, Russia said it has consolidated its position as India's "most reliable energy partner. "Much credit to the Government of India for prioritising the welfare of its citizens and ensuring access to affordable energy," Russian Ambassador to India Denis Alipov said, speaking at Delhi-based think tank Vivekanand International Foundation.
India has drawn sharp criticism from the US and the EU for purchasing Russian oil. It has been paying a 50% tariff on exports to the US since August 27. This includes a penalty of 25% imposed by the Trump administration for trade ties with Russia, India's fourth-largest trading partner.
"The attempt by the so-called global north to compose neo-colonial unilateral approaches, including legal sanctions and tariffs and to provoke conflicts and trade wars in order to retain dominance only highlights its reluctance to accept the emergence of a multi polar world," Alipov added.