The Kremlin has rejected the claim by American President Donald Trump that India had agreed to stop buying Russian oil as part of a new trade deal with the United States.
Moscow asserts that New Delhi has not officially confirmed the halt in imports, CNBC reports.
Kremlin spokesman Dmitry Peskov told RIA Novosti that Russia has not heard "any position from Delhi" and emphasized the importance of maintaining the strategic partnership between Russia and India.
Meanwhile, Russian Deputy Prime Minister Alexander Novak downplayed the possibility of losing the Indian market, stating that "Russian energy resources always find buyers."
Moscow's statements come after Donald Trump announced on the Truth Social platform that he discussed with Prime Minister Narendra Modi an agreement involving reducing American tariffs on Indian products and halting the purchase of Russian oil.
Trump specified that Washington will reduce the main tariff from 25% to 18% and eliminate an additional 25% tax imposed last year in response to Indian imports of Russian oil.
Modi confirmed only the commercial component of the agreement, stating on X that he is "delighted" about the tariff reductions for "Made in India" products. However, nothing was mentioned about halting the purchase of Russian oil.
India needs Russian oil
Analysts consider it unlikely that India, one of the main buyers of discounted Russian oil after 2022, will completely give up these imports. The country needs cheap oil to control internal costs and aims to maintain its strategic autonomy and defense ties with Russia.
Evan A. Feigenbaum from the Carnegie Endowment for International Peace states that the Indian government avoids making explicit commitments regarding Russian oil publicly because "it cannot afford to humiliate one of its most important defense partners."
Farwa Aamer from the Asia Society Policy Institute highlights that India is trying to maintain a delicate balance between its strong relationship with Russia and its growing commercial ties with the United States.
Moody's agency also warns that a sudden halt in Russian oil purchases could impact India's economic growth, fuel inflationary pressures, and further strain the global oil market, considering India's significant role as a major importer.