Overview
- US ambassador Sergio Gor said India is committing to diversify its oil purchases and confirmed active talks to route Venezuelan crude to Indian refiners.
- Russia’s Foreign Ministry rejected Washington’s assertion of an Indian policy change, saying it has no reason to believe New Delhi has altered its stance on buying Russian hydrocarbons.
- India has not confirmed the US claim that it agreed to stop importing Russian crude, with External Affairs Minister S. Jaishankar stressing decisions guided by strategic autonomy, costs, risks and availability.
- Trade and shipping data show a marked drop in Russian flows to India in recent months, including about 800,000 barrels per day in December and a January share near two-year lows, as refiners boost purchases from the Middle East and pick up Venezuelan cargoes.
- The interim trade framework lowers US tariffs on Indian goods to 18% and removes a 25% duty previously tied to Russian oil purchases, with officials saying a final deal is expected to be signed soon.