US President Donald Trump restated that India plans to reduce its purchases of Russian crude oil. He said that Prime Minister Narendra Modi had assured him during a recent phone call that Delhi “was not going to buy much oil from Russia” and that Modi “wants to see the war end with Russia and Ukraine.”
Modi acknowledged Trump’s call and extended Diwali greetings in a social media post but did not mention Russian oil. The Indian foreign ministry had earlier said it was “not aware” of any such call between the leaders and had no new comments on Trump’s latest remarks.
During Diwali celebrations at the White House, Trump emphasized the close relationship between the US and India, noting that Delhi had already “cut way back” on Russian oil imports and would continue to do so.
India became one of the main buyers of Russian crude after the Ukraine war began in 2022, benefiting from discounted prices while arguing that such purchases were essential for its energy security. Indian officials have also pointed out that Western countries, including the US, maintain various trade relations with Russia.
In recent months, Washington has accused India of indirectly supporting Moscow’s war efforts by continuing to buy Russian oil a claim that Delhi strongly denies. The Trump administration has responded by imposing 50% tariffs on Indian goods, including a 25% penalty linked to Russian oil purchases.
Despite tensions, the US president’s tone has become more conciliatory as trade talks between the two nations progress. Indian government officials confirmed that discussions are ongoing to deepen energy cooperation, and reports suggest India may agree to gradually scale back its imports of Russian crude as part of a broader trade agreement.
Navigate the trading markets and Discover a world of opportunities.
Bullwaves is a trading name of Equitex Capital Limited (Registration No. 8434948-1), a company authorized and regulated by the Financial Services Authority (the "FSA", licence no. SD185) with legal registered address in CT House, office number 9A, Providence, Mahe, Seychelles and physical address in Office No. Al9C, Providence Complex, Providence, Mahe, Seychelles.
ETX Services Limited with company registration number HE455407, a company registered in Cyprus with registered address Archiepiskopou Makariou lll 160, 3026 Limassol is appointed as Independent Representative and Distributor.
ETX Services Ltd is not the Licensed Entity in the EU but only acts as the Service entity for Equitex Capital Ltd.
Risk Disclaimer:
Over-the-counter derivatives are complex instruments and come with a high risk of losing your initial capital rapidly due to leverage. You should consider whether you understand how over-the-counter derivatives work and whether you can afford to take the high level of risk to your capital. Investing in over-the-counter derivatives carries significant risks and is not suitable for all investors.
When acquiring our derivative products you have no entitlement, right or obligation to the underlying financial asset. Equitex is not a financial advisor and all services are provided on an execution only basis. Information is of a general nature only and does not consider your financial objectives, needs or personal circumstances. Important legal documents in relation to our products and services are available on our website. You should read and understand these documents before applying for any Bullwaves products or services and obtain independent professional advice as necessary.
Regional Restrictions:
The information or services described on this website is not directed at or offered to residents of Belgium, Israel, Iran, Maldives, North Korea, United States, Afghanistan, Belarus, Central African Republic, China, Iran, Russia, Cuba, Libya, Nicaragua, Palestinian Authority/Gaza/West Bank, Venezuela and to jurisdictions on the FATF and EU/UN sanctions lists or any other person in any jurisdiction where such distribution or use would be contrary to local laws or regulations. For more information please contact our support. Clients who onboarded via www.bullwaves.com can contact our support team at support@bullwaves.com.For complaints please email us at compliance@bullwaves.com
For complaints please email us at compliance@bullwaves.com