Moscow, Russia – In a significant development impacting global energy markets, Kremlin spokesperson Dmitry Peskov has responded to claims made by former U.S. President Donald Trump that India has ceased its purchases of Russian oil. Trump asserted on Truth Social that India is no longer buying Russian crude, a statement that has sparked considerable discussion and prompted a formal response from the Russian government.

Peskov, during a press briefing, acknowledged that India has reduced its imports of Russian oil but insisted that sales continue. He characterized Trump’s assertion as ‘unfounded’ and ‘incorrect,’ emphasizing that Russia and India maintain a strong and reliable partnership in the energy sector. ‘We continue to supply oil to India,’ Peskov stated, adding that the volume of deliveries has adjusted in response to market conditions and India’s own energy needs.

The Context of Trump’s Claim

Trump’s statement comes amidst the ongoing war in Ukraine and the subsequent sanctions imposed on Russia by Western nations. These sanctions have dramatically altered global trade patterns, particularly in the energy sector. Several countries, including India, have sought to capitalize on discounted Russian oil prices to mitigate the impact of rising energy costs. India has become one of Russia’s largest buyers of crude oil since the invasion of Ukraine, significantly reducing its reliance on traditional suppliers like the United States and Saudi Arabia.

However, India has also been cautious in its approach, aiming to diversify its energy sources and avoid being completely cut off from the global market. Recent reports have indicated that India has been exploring alternative suppliers, including Iraq and the United Arab Emirates, to supplement its Russian oil imports.

Kremlin’s Defense of the Partnership

The Kremlin’s response highlights the importance of the Russia-India energy relationship, which has deepened considerably in recent years. Despite international pressure, Russia continues to rely on India as a key market for its oil exports. Peskov emphasized that the partnership is based on mutual trust and strategic interests, and that it is resilient to external pressures.

‘We value our relationship with India,’ Peskov said. ‘It is a long-standing and mutually beneficial partnership, and we are committed to continuing it.’ He further stated that Russia is open to exploring new opportunities for cooperation with India in various sectors, including energy, technology, and defense.

Impact on Global Markets

Trump’s claim, regardless of its accuracy, has the potential to influence global oil markets. Any significant reduction in Indian oil imports would undoubtedly impact Russia’s revenue and its ability to finance the war in Ukraine. Conversely, continued sales would provide Russia with a crucial source of income and bolster its strategic position.

Analysts are closely monitoring developments in the India-Russia energy relationship, assessing the factors driving the fluctuations in imports and the potential implications for global energy security. The situation remains fluid and subject to ongoing geopolitical developments.