The Ministry of External Affairs on Friday stated that India and Russia share a steady and time-tested partnership. The statement came just days after U.S. President Donald Trump announced plans to impose penalties on India, alongside a 26% tariff, for purchasing Russian oil and weapons.
On July 14, Trump threatened 100% tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine.
Moreover, the US President had also said that India and Russia can take their "dead economies down together".
"I don't care what India does with Russia. They can take their dead economies down together, for all I care," he said.
"We have done very little business with India, their Tariffs are too high, among the highest in the World," he added.
India, the world's third-largest oil importer, is the biggest buyer of seaborne Russian crude.
India stops buying Russian oil
Meanwhile, Indian state refiners have stopped buying Russian oil in the past week as discounts narrowed this month and Trump's warn, industry sources told Reuters.
The country's state refiners - Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd - have not sought Russian crude in the past week or so, four sources familiar with the refiners' purchase plans told Reuters.
The four refiners regularly buy Russian oil on a delivered basis and have turned to spot markets for replacement supply - mostly Middle Eastern grades such as Abu Dhabi's Murban crude and West African oil, sources said.
Private refiners Reliance Industries and Nayara Energy are the biggest Russian oil buyers in India, but state refiners control over 60% of India's overall 5.2 million barrels per day refining capacity.
On July 14, Trump threatened 100% tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine.
Moreover, the US President had also said that India and Russia can take their "dead economies down together".
"I don't care what India does with Russia. They can take their dead economies down together, for all I care," he said.
"We have done very little business with India, their Tariffs are too high, among the highest in the World," he added.
India, the world's third-largest oil importer, is the biggest buyer of seaborne Russian crude.
India stops buying Russian oil
Meanwhile, Indian state refiners have stopped buying Russian oil in the past week as discounts narrowed this month and Trump's warn, industry sources told Reuters.
The country's state refiners - Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd - have not sought Russian crude in the past week or so, four sources familiar with the refiners' purchase plans told Reuters.
The four refiners regularly buy Russian oil on a delivered basis and have turned to spot markets for replacement supply - mostly Middle Eastern grades such as Abu Dhabi's Murban crude and West African oil, sources said.
Private refiners Reliance Industries and Nayara Energy are the biggest Russian oil buyers in India, but state refiners control over 60% of India's overall 5.2 million barrels per day refining capacity.
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