India reduces Russian oil purchases by 50pc after intense US pressure

Washington: India has reduced its oil purchases from Russia after intense US pressure and heavy tariffs.

White House officials told the British news agency Reuters that India has reduced its oil purchases from Russia by 50 percent.

White House officials said that trade talks between the US and India have been constructive and productive, and as a result, the Indian refineries have already reduced oil imports from Russia by 50 percent.

US officials did not provide further details on whether India will completely stop buying oil from Russia in the future.

However, British media quoted sources as saying that Indian refineries are preparing to end their dependence on Russian oil, and a phased reduction in purchases is possible from December.

It is pertinent to note that the US President, while talking to the media in the Oval Office yesterday, said that Indian Prime Minister Narendra Modi had assured him not to buy oil from Russia.

President Trump stated that he was not happy with India's purchase of Russian oil, but now the matter has been resolved. The US President said that India cannot immediately stop buying oil from Russia, but will stop soon.

On the other hand, the Indian Ministry of External Affairs denied that there was any discussion between Modi and Trump regarding India stopping the purchase of Russian oil.