India is increasing oil purchases from other producers, primarily in the U.S. and the Middle East, despite official statements about continuing to purchase Russian oil at the same volume, writes Reuters.
India's largest oil refining company, Indian Oil Corp (IOC), purchased 7 million barrels of crude oil for September delivery from the U.S., Canada, and the Middle East, several sources told the agency.
According to two sources, higher-than-usual purchases are partially related to finding a replacement for Russian oil.
India's refusal of Russian oil and even a reduction in its purchases could be a significant blow to Moscow, as India is the largest buyer of Russian crude oil transported by sea. Russia's share in the total import volume exceeds 30%, with India purchasing oil from 30 countries.
Last week, information emerged that Indian state-owned refineries have suspended purchases of Russian oil.
However, on Saturday, The New York Times, citing unnamed Indian officials, reported that India will continue to buy cheap oil from Russia, despite threats from U.S. President Donald Trump to impose 100-percent tariffs.
Meanwhile, today, White House Deputy Chief of Staff Stephen Miller stated that, according to the U.S. President, India is funding the conflict in Ukraine by buying Russian oil. “People would be shocked to learn that India is actually tied with China in purchasing Russian oil. It's a striking fact,” Miller said.