Russia has talked about stopping India’s oil purchases

Kremlin spokesman Dmitry Peskov said on Tuesday (February 3, 2026) that Russia has not received any statements from India about stopping Russian oil purchases.

According to Russian media reports, Mr. Peskov said that Russia intends to develop its relations with India in all possible ways.

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His comments came a day after US President Donald Trump Prime Minister Narendra Modi has said he has “agreed to stop buying Russian oil and buy more from the United States and possibly Venezuela.”

“Moscow has not yet received any statements about stopping Indian oil purchases,” Peskov was quoted as saying by Russian media.

In a Truth Social post, Mr Trump, who spoke to Prime Minister Modi on Monday (February 2, 2026), said India and the US had agreed to a trade deal under which Washington would impose a lower reciprocal tariff on Delhi, bringing it down from 25% to 18%.

Mr Trump imposed 50% tariffs on India last year, the world’s highest, including 25% tariffs on Russian energy purchases.

India converts about 88% of its crude oil into fuels like petrol and diesel from abroad.

Russian oil accounts for 0.2% of all crude oil imported by India till 2021. India, the world’s third-largest oil importer, became the biggest buyer of discounted Russian crude after the West shunned Moscow following its February 2022 invasion of Ukraine.

India’s imports of Russian crude fell to about 1.1 million barrels per day in the first three weeks of January, compared with an average of 1.21 million bpd in the previous month and 2 million bpd imports by mid-2025, according to data from real-time analytics company Kepler.

According to Kpler, Iraq is now supplying similar volumes to Russia, averaging 9,04,000 bpd in December 2025.

Volumes from Saudi Arabia increased to 9,24,000 bpd in January, 7,10,000 bpd in December and decreased to 5,39,000 bpd in April 2025.