Deputy PM Novak on India's possible refusal to buy Russian oil: So far, we have only seen public statements

MOSCOW. Feb 3 (Interfax) - Russia has not received any signals from India about plans to reduce import volumes or refuse to buy Russian oil other than those made publicly, Deputy Prime Minister Alexander Novak told reporters.

"We have seen only public statements. We will see how the situation develops," Novak said.

Novak noted that Russian oil remains in demand on the global oil market.

"As we often see, supply will always find demand, because the balance [in the global oil market] remains," Novak said.

U.S. President Donald Trump the previous day announced a trade agreement with Indian Prime Minister Narendra Modi, which includes, among other matter, a reduction in tariffs from 25% to 18%. Furthermore, according to CNN, the U.S. president agreed to eliminate the additional 25% tariff on India that he imposed in August 2025 for Delhi's purchase of Russian oil. In a post on Truth Social, Trump emphasized that Modi promised to cease buying oil from Russia and start purchasing it from the United States and Venezuela.

Indian Oil Minister Hardeep Singh Puri at the end of January said that the country had reduced oil imports from Russia by approximately 28% from a peak of 1.8 million barrels per day to 1.3 million bpd. The country is prepared to reduce imports further as its pool of suppliers expands. Puri said that India currently purchases oil from 41 countries.

Indian Ministry of Commerce data indicate that the country imported an average of 1.73 million bpd from Russia in January-November 2025.