India may buy less Russian oil and increase its imports of American crude, while also considering sourcing from blacklisted suppliers such as Iran and Venezuela, according to officials and media reports.
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The shift reflects New Delhi’s effort to preserve its strategic autonomy, even as it is unwilling to meet Washington’s demands, with the US linking closer trade and diplomatic ties to a cut in Russian oil imports, according to analysts.
Since the Russian invasion of Ukraine in February 2022, India has relied on and significantly increased its purchases of discounted Russian oil that is banned in Western and other countries. In the past few years, India purchased US$140 billion of Russian oil, the second largest buyer after China.
Despite international pressure, India has maintained that it would continue to buy Russian oil, citing its national interest, economic necessity and pragmatic approach to energy security in a complex geopolitical landscape.
Indian Commerce and Industry Minister Piyush Goyal, however, has said his country could buy more oil from America, amid repeated calls by US President Donald Trump for India and China to cut their purchases of Russian crude.
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“We are big importers of energy from across the world, including from the US. We expect to increase our trade with the US on energy products in the years to come,” Goyal said at the US-India Strategic Partnership Forum in New York, according to Indian media reports last Thursday.