Will India stop buying Russian oil as Trump claims? FS Misri says ‘approach is to maintain multiple sources of supply’

India's Foreign Secretary Vikram Misri on Monday said the country's energy procurement decisions would hinge on national interests amid reports of a planned reduction in Russian oil imports owing to a new trade framework finalised with the US. He emphasised the need to maintain multiple sources of energy procurement to ensure stability, particularly amid global market uncertainties.

Addressing a Special Briefing by the Ministry of External Affairs (MEA), Misri stated that decisions in the energy sector by both the government and businesses would be driven by national interests, while also sharing details on India's energy sourcing.

Misri's remarks come after US President Donald Trump's claim that Prime Minister Narendra Modi has agreed to stop buying oil from Russia.

“He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now,” Trump's Truth Social post read.

The Foreign Secretary acknowledged that India relies heavily on imported oil and gas, raising concerns of inflation from energy costs. The priority is to protect consumer interests by ensuring adequate, affordable, and secure energy supplies.

While responding to the question on India's plans to buy Russian oil, Misri was quoted by PTI as saying, “Our foremost priority is to safeguard the interests of Indian consumers insofar as energy is concerned—to really ensure that they receive adequate energy at the right price and through reliable and secure supplies.”

India not dependent on single energy source

India does not rely on any single source and plans to maintain a diverse range of sources, which may change based on market conditions, according to Misri.

He added, “Now, you would also have observed that in recent years, the global economy has faced significant uncertainties which have had a major impact on the stability of global energy markets... We are neither dependent on any single source for this, nor do we intend to be. And it is natural for the mix of sources to vary from time to time, depending on objective market conditions.”

Approach is to maintain multiple sources

Highlighting India's strategy, Misri said, “Our approach is to maintain multiple sources of supply and diversify them as appropriate to ensure stability. Therefore, I would say that the more diversified we are in this area, the more secure we are.”

Sourcing done by companies based on market conditions

According to Misri, energy sourcing is managed by both public and private oil companies, whose decisions are influenced by market conditions, availability, risks, and costs.

“As actual sourcing of energy is concerned, again, all of you follow this closely, so you know that the actual sourcing is done by oil companies. Oil companies in the public sector, oil companies in the private sector. And they make decisions based on market conditions. They assess availability at any given point in time, they assess risks, they assess costs in this process. And obviously, all of these companies also have their own internal accountability-related processes to look at and certain fiduciary responsibilities in the market,” he said.