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India has responded to the allegations of funding the Russia-Ukraine war on buying oil. Petroleum Minister Hardeep Singh Puri said that India has bought oil following international rules, causing oil prices to remain stable in the global market.
Hardeep Singh said in a column written for The Hindu newspaper, India did not break any rules. We followed the fixed price cap (price cap) of the G7. These rules are designed to limit Russia’s earnings and maintain oil supply.
He said that India kept the market stable and saved the world from the price of crude oil at $ 200 per barrel. Earlier, the US imposed 50% tariff on India due to buying oil from Russia. Trump’s trade advisor Peter Navaro has also accused India of providing money to Russia for war.
India was accused of promoting war
Earlier on August 27, Trump’s trade advisor Peter Navarro described Ukraine Jung as Modi war. Navaro accused India of promoting the war and playing double games in Bloomberg TV interview. Navaro said that India buys cheap oil from Russia and refine it and sells it at a higher price.
This gives Russia money for war and attacks Ukraine. Navaro warned that India’s growing relations with Russia and China can become a threat to the world.
India is the second largest buyer of Russian oil
India is the largest buyer of Russian oil after China. Before the Ukraine War, India used to import only 0.2% (68 thousand barrels per day) from Russia. By May 2023 it increased to 45% (2 million barrels per day), while India is buying 17.8 lakh barrels of oil from Russia every day from January to July in 2025.
For the last two years, India has been buying more than $ 130 billion (Rs 11.33 lakh crore) every year.
Cheap Russian oil increases the profits of Indian oil companies
In FY 2020, India imported only 1.7% of its needs from Russia. The stake has increased to 35.1% in FY 2025. The benefit of buying cheap oil from Russia is also shown on the profits of oil companies. According to the filing of companies …
The total profit of Indian Oil, Bharat Petroleum and Hindustan Petroleum in 2022-23 was ₹ 3,400 crore. In 2023-24, the profit of these three government companies increased by 25 times. The three together earned Rs 86,000 crore. In 2024-2025, the profits of these companies decreased to Rs 33,602 crore, but it is more than a profit of 2022-23.
Read this news also Russia said- There is no alternative to our crude oil: giving 5% discount to India; 50% of America’s tariff is wrong
Russia says that there is no alternative to its crude oil, as it is very cheap. Today, i.e. on August 20, Senior Russian Diplomat Roman Babushkin said this. He said- India is getting a discount of about 5% on Russian crude oil. Read full news
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