India is in the spotlight for its oil purchases from Russia amid the ongoing Ukraine war. Petroleum Minister Hardeep Singh Puri defends these actions, asserting that India follows international rules while stabilizing global oil prices. In an opinion piece for The Hindu, he emphasized that India adheres to the G7 price cap, which aims to limit Russia’s earnings.
Puri claims that India’s purchases have kept crude oil prices from skyrocketing to levels as high as $200 per barrel. This comes in the wake of criticism, notably from Trump’s former trade advisor, Peter Navarro. He accused India of playing a dual role—buying discounted Russian oil and refining it for profit, thus indirectly funding Russia’s war efforts.
Historically, India’s relationship with Russia in terms of oil has changed dramatically. Before the Ukraine conflict, India imported just 0.2% of its oil from Russia. This figure escalated to 45% by May 2023, showing a significant shift in trade dynamics. From January to July 2025, India averaged 1.78 million barrels of oil per day.
A large part of this increase stems from rising geopolitical tensions and the need for stable energy sources. In fact, India has spent over $130 billion on Russian oil in the past two years alone. This windfall of cheaper oil has also benefited Indian oil companies, whose profits have soared. Reports indicate that the collective profit of Indian Oil, Bharat Petroleum, and Hindustan Petroleum was ₹86,000 crore in 2023-24, a massive increase from just ₹3,400 crore the previous fiscal year.
While the debate over India’s oil purchases rages on in political spheres and social media, it’s important to see it in context. Many nations grapple with balancing energy needs and ethical considerations in a complex global landscape. The situation reveals striking contrasts between countries’ approaches to energy security and international relations.
As this narrative unfolds, it will likely continue to evoke strong opinions and reactions from various sectors, highlighting the intricate web of global trade and politics.
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India Russia oil, US India trade, Hardeep Singh Puri, Russian oil imports, crude oil prices, US tariffs India
