US, UK Ramp Up Pressure on India, China to Cut Russian Oil Imports
The United States and United Kingdom are intensifying efforts to limit Russia’s energy revenues. This comes amid the ongoing war in Ukraine. US President Donald Trump claimed India promised to halt Russian oil buys. The UK hit major Russian firms with new sanctions. These moves aim to squeeze Moscow’s oil sales further.
Oil prices held steady on Thursday. Traders noted it may take time for changes to show. Russia supplies 36% of India’s oil needs. That equals about 1.75 million barrels per day. Data shows imports could rise to 1.9 million barrels in October. This follows Ukrainian drone strikes on Russian refineries. Moscow boosted exports in response.
US, UK ramp up pressure on India, China to cut Russian oil imports as part of broader strategy. India and China buy most of Russia’s seaborne crude. They get it at low prices. This happened after Europe stopped imports in 2022. Western leaders want to end these deals. The goal is to weaken Russia’s war funding.
Trump’s Statement Sparks Debate
President Trump spoke at a White House event. He said Indian Prime Minister Narendra Modi assured him of no more Russian oil buys. “That’s a big step,” Trump added. He plans to push China next. India’s foreign ministry denied any recent call between the leaders. A top official said refiners will cut Russian oil if they can. They aim to source more from the US.
Indian teams are in Washington now. They discuss trade ties. The US doubled tariffs on Indian goods recently. Negotiators link lower tariffs to reduced Russian imports. A deal could follow if progress happens. Sources say refiners prepare for less Russian crude from December. No formal order exists yet.
UK Targets Key Players
Britain announced sanctions on Wednesday. Finance Minister Rachel Reeves shared this during her US visit. Targets include Russian giants Lukoil and Rosneft. These are two of the world’s largest energy firms. The UK also sanctioned 51 ships. Seven carry liquefied natural gas.
Pressure extends to third parties. The UK hit China’s Beihai LNG Terminal. It imports Russian gas. Sanctions cover Chinese refiner Shandong Yulong Petrochemical. Port operators like Shandong Jingang and Haixin face measures too. In India, Nayara refinery in Mumbai got targeted. Russia owns part of it through Rosneft.
Reeves stressed the need to block Russia’s oil from global markets. “We ramp up pressure on companies in third countries,” she said. This includes India and China. The EU took similar steps against Nayara in July.
Market and Global Impacts
Oil markets watch closely. A drop in Indian imports could shift supply flows. It may boost demand from other sources. Analysts see this as positive for prices. “It removes a big Russian buyer,” said one expert. Still, Russia’s output dips only slightly this year. President Vladimir Putin noted this. Deputy PM Alexander Novak praised ties with India.
India seeks deeper US energy links. Refiners already cut Russian imports by half in talks, per a White House aide. From April to September, Russia’s share fell to 36%. That’s down from 40% last year. Challenges remain. Russian products face hurdles from Ukrainian attacks.
US, UK ramp up pressure on India, China to cut Russian oil imports to support Ukraine. These actions build on past efforts. Europe cut ties early in the war. Now, focus turns east. Outcomes could reshape global energy trade. Prices may rise if supplies tighten. Nations balance costs and alliances.
Experts predict gradual shifts. Indian firms seek alternatives. China faces similar calls. Russia vows steady partnerships. The coming months will test these pledges. Watch for trade deal news from Washington. Sanctions enforcement will grow stricter.
Read More : Explainer: What is a ‘Heat Dome’ and How Does It Fuel Heatwaves?
