India has been facing increasing pressure from the Trump administration to stop its crude oil imports from Russia. Of the 50% tariffs imposed by the US on India, 25% are penal tariffs for its crude oil trade with Russia. The US has accused India of indirectly financing Russia’s war against Ukraine through the oil trade. The issue has emerged as a point of niggle in the trade deal talks between the countries. However, Trump’s latest round of sanctions against Rosneft and Lukoil have forced Indian refiners to find other sources of crude, though procurement of non-sanctioned Russian oil continues.

Message to Trump? What Putin said on Russian oil for India

During a combined media briefing with PM Narendra Modi, Putin affirmed, “Russia is a reliable supply of oil, gas, coal and everything that is required for the development of India’s energy. We are ready to continue uninterrupted shipments of fuel for the fast-growing Indian economy.” He noted their “successful partnership in energy.”As one of the world’s major energy players, Russia has huge oil and natural gas deposits, maintaining its position as a leading producer and consumer.In early 2024, Russia maintained its position as the world’s third-largest oil producer, with daily production reaching 10.8 million barrels and confirmed oil reserves of approximately 80 billion barrels.Russia has the world’s most extensive natural gas reserves, calculated at 1,600 trillion cubic metres, with production reaching 618 billion cubic metres in 2022. The country’s energy infrastructure predominantly relies on fossil fuels, with thermal power facilities generating more than 60 per cent of its electrical output.The Russian President said that the collaboration extends beyond traditional fuels. He spoke of the significant nuclear collaboration currently in progress, stating that Russia is executing “a flagship project to build the largest nuclear power plant in India.”Putin suggested potential expansion into “the construction of small modular reactors and floating nuclear power plants, and also non-energy applications of nuclear technologies, for example, in medicine or agriculture.”Transport and logistics remain crucial areas of collaboration. Putin indicated that both nations are developing new trade channels, aiming “to build new effective international transport logistic routes to create the INSTC corridor from Russia and Belarus to the Indian Ocean.”He additionally highlighted increasing collaboration in advanced sectors, mentioning joint ventures in “industry, machine manufacturing, digital technologies, space exploration and other science-intensive avenues.”