- The U.S. President has claimed that India will reduce its imports of Russian crude oil “to almost nothing” by the end of this year, following recent sanctions against Russian oil firms. Business Standard+1
- The statement came after a phone call with Narendra Modi in which Ukraine-war energy dynamics and trade issues were discussed; the U.S. administration is pressing India for cuts. Business Standard+1
- Indian refiners are reviewing import contracts to identify any links to the sanctioned Russian firms Rosneft and Lukoil. Business Standard+1
Why it matters: India is heavily reliant on Russian oil; any major shift in supply has implications for energy security, trade balances and geopolitical alignments. The statement may also affect India-U.S. relations and how India engages with Russia.
