02.02.2026 21:52
U.S. President Donald Trump announced after a phone call with Indian Prime Minister Narendra Modi that India has decided to stop purchasing Russian oil and has agreed to buy more oil from the U.S. A trade agreement was also made regarding the reduction of tariffs. India was among the largest buyers of Russian oil, which has been in a difficult situation due to EU sanctions following the start of the Ukraine war.
US President Donald Trump said after his phone call with Indian Prime Minister Narendra Modi, "He agreed to stop purchasing Russian oil and to buy much more oil from the US and possibly Venezuela."
INDIA WILL PURCHASE OIL FROM THE US INSTEAD OF RUSSIA
US President Donald Trump and Indian Prime Minister Narendra Modi held a phone call. In a statement following the meeting, Trump said, "It was an honor for me to speak with Prime Minister Modi this morning. He is one of my closest friends and a strong and respected leader. We discussed many topics, including trade and ending the war between Russia and Ukraine. He agreed to stop purchasing Russian oil and to buy much more oil from the US and possibly Venezuela."
TRUMP: WE ARE REDUCING THE TARIFF FOR INDIA
Expressing that India's decision regarding Russian oil would help end the Russia-Ukraine War, Trump said, "Due to my friendship and respect for Prime Minister Modi, we have decided to make a trade agreement to reduce the tariff imposed by the US on India from 25% to 18% at his request."
Trump stated that India would reduce the tariff it imposes on the US to zero and announced that India has committed to purchasing over $500 billion from the US.
OIL PURCHASE AGREEMENT BETWEEN INDIA AND RUSSIA
The oil trade between India and Russia has reached a strategic turning point, especially after the Ukraine war that began in 2022 and the sanctions imposed by the West on Russia. India has become one of Russia's largest customers by significantly increasing its purchases of discounted crude oil from Russia, unlike Western countries, in order to ensure energy security and reduce costs. This trade is conducted alongside complex diplomatic processes, such as efforts to comply with the $60 price cap set by G7 countries and the use of local currencies (Rupee-Ruble) in payments.