Trump Announces India to End Russian Oil Buys, Increase US and Venezuela Imports

Published By DPRJ Universal | Published on Monday, 2 February 2026

Following an India-US trade deal, President Trump announced that India will cease buying Russian crude oil, instead increasing imports from the United States and potentially Venezuela. Trump stated this move would help end the Ukraine war and significantly boost US energy and technology exports. India's reliance on Russian oil had previously caused friction with the US, though imports had already begun declining due to sanctions. This shift offers India diversification and potential leverage with traditional suppliers.

A major development in India-US relations sees President Donald Trump announce that India has agreed to halt its purchases of Russian crude oil. This announcement came after a conversation with Prime Minister Narendra Modi, indicating a key component of a new India-US trade deal. Trump stated via Truth Social that India would instead significantly increase its oil imports from the United States, and potentially Venezuela, with the goal of helping to end the ongoing war in Ukraine and boosting American exports across various sectors.India had become Russia's largest oil buyer following the February 2024 invasion of Ukraine, as Western nations reduced their imports. However, US pressure and sanctions against Russian oil producers had already led to a steady decline in India's Russian oil imports, reaching a three-year low. While the US is currently India's fifth-largest oil supplier, increasing crude imports presents logistical challenges due to higher shipping costs and refinery compatibility with US crude grades. Conversely, ramping up liquefied natural gas (LNG) imports from the US is considered more straightforward given competitive pricing.The reintroduction of Venezuelan oil imports presents a significant opportunity. India, particularly private refiners like Reliance Industries, was a major buyer of Venezuelan heavy crude before US sanctions in 2019. Despite recent sanction waivers and subsequent lapses, and threats of higher tariffs, Trump's announcement signals a renewed path for Indian refiners to access Venezuelan crude. Experts view Venezuelan oil as a politically acceptable diversification option, offering India increased negotiating leverage with its traditional West Asian suppliers while aligning with US objectives to curtail Russia's energy revenues.