NEW DELHI, August 6. /TASS/. Russia provides an optimal balance of price and quality in energy trade with India, remaining the key supplier to the South Asian republic, with any assumptions about the termination of supplies absolutely unfounded, the President of the All India Petroleum Dealers Association Ajay Bansal told TASS.
"India is one of the world’s largest oil consumers, while Russia holds some of the most extensive energy reserves globally, creating a natural and mutually beneficial partnership. Any speculation about a halt in Russian oil supplies to India is entirely unfounded," he said.
India maintains an independent foreign policy, particularly in matters of energy and trade, Bansal noted. "Indian oil companies make procurement decisions based purely on market dynamics, opting for the most competitive and reliable offers. Russia continues to be a key supplier, providing an optimal balance of price and quality," he stressed.
"I hope new spot contracts with Russian firms are expected to be finalized within the next two weeks. Trade is ongoing, and remarks by [US President] Donald Trump will have no bearing on this process," Bansal added.
On August 4, Trump said that he would substantially raise tariffs on India for buying and re-selling Russian oil. Earlier, he announced 25% tariffs on Indian goods. The Indian Foreign Ministry condemned the move as unjustified, saying that Western countries used to encourage such trade and continued to purchase goods and services from Russia themselves. On August 5, Trump warned that Washington would raise tariffs on India over the next day due to its continued purchases of Russian oil.