India firm on Russian oil dealings

CRUDE CLARITY

- REUTERS

India will keep purchasing oil from Russia despite US President Donald Trump's threats of penalties, two Indian government sources said, not wishing to be identified due to the sensitivity of the matter.

"These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight."

Trump last month indicated in a Truth Social post that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters that he had heard that India would no longer be buying oil from Russia.

The New York Times Saturday quoted two unnamed senior Indian officials as saying there had been no change in Indian government policy, with one official saying the government had "not given any direction to oil companies" to cut back imports from Russia.

Reuters reported this week that Indian state refiners stopped buying Russian oil in the past week after discounts narrowed in July.