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

By Ben Aris in Berlin Since early 2024 India has typically bought 1.5–2.0 mbpd of Russian crude, or about 35–40% of its total imports. US President Donald Trump is threatening crushing 100% tariffs on Russia’s business partners if they continue to import crude after a deadline expires this week.

Back in March 2022, when there were concerns that Russian oil might be banned or removed from the global market (due to the Ukraine war), it caused a lot of panic. Global oil prices shot up sharply, with Brent crude oil reaching $137 per barrel.