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According to ET, Russia has asserted its readiness to supply high-quality oil at competitive prices to nations that U.S. President Donald Trump is urging to halt transactions with Moscow.
In a statement on October 17, Kremlin spokesperson Dmitry Peskov emphasized that coercing countries to restrict oil purchases from Russia would violate the principles of free trade. “Depriving nations of the choice to select their preferred suppliers undermines the foundation of global commerce,” he stated.
This declaration followed Trump’s announcement that Indian Prime Minister Narendra Modi had “assured” him that India would cease oil imports from Russia. Trump also mentioned that Washington would endeavor to persuade China to take similar action, aiming to reduce Moscow’s energy revenue.
India swiftly responded, underscoring that domestic consumer interests remain the top priority in its oil import policies. The Indian Ministry of External Affairs confirmed ongoing energy cooperation discussions with the U.S. but stressed that “India’s import policies are consistently guided by the goal of ensuring energy security and price stability for its citizens.”
Trade data reveals that India’s oil imports from Russia between April and September decreased by 8.4% compared to the same period last year, due to narrower discounts and tighter supply. Nonetheless, India and China remain Russia’s largest buyers of seaborne crude oil, benefiting from lower prices since Western sanctions were imposed following the Ukraine conflict. Trade figures indicate that Russia accounts for 36% of India’s oil imports, equivalent to approximately 1.75 million barrels per day. Import volumes are expected to rise in October.
Immediately following Trump’s remarks, global oil prices saw a modest increase. Brent futures rose by 0.9% to $62.48 per barrel, while WTI futures climbed similarly to $58.81 per barrel.
Despite mixed reactions, analysts suggest that this development could further complicate the global energy trade landscape, particularly as Russia seeks to expand its markets beyond the West and the U.S. intensifies diplomatic pressure on major importing partners.
In a recent update, the U.K. government announced new sanctions targeting major Russian energy firms and several Chinese companies, coinciding with Finance Minister Rachel Reeves’ visit to the U.S.
The sanctions list includes Russia’s leading oil giants, Lukoil and Rosneft, as well as China’s Shandong Yulong Petrochemical and three Chinese port operators: Shandong Jingang Port, Shandong Baogang International, and Shandong Haixin Port.
Additionally, 51 vessels, including seven liquefied natural gas (LNG) carriers, and China’s North Sea LNG Terminal—a key recipient of Russian gas imports—were sanctioned. The U.K. also targeted the Nayara oil refinery in Mumbai, India, which is partially owned by Russia.
Source: ET
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