India Lobbies Trump to Allow Iranian Oil Imports to Replace Russian Purchases

Indian officials have reportedly told the Trump administration that it could only significantly reduce Russian oil imports if they are allowed to secure alternatives from sanctioned suppliers Iran and Venezuela during a visit to Washington this week, according to a Bloomberg report.

The request came after Washington imposed 50% tariffs on Indian imports due to New Delhi’s continued purchase of Russian oil that the US said was helping bankroll Moscow’s war in Ukraine.

Despite Washington’s sanctions, India remains one of the largest buyers of Russian crude.

Russia was forced to offer discounts on oil after many countries abandoned trade with Moscow due to the war in Ukraine. Nearly 90% of India’s oil demand is met through imports, with access to cheap Russian supplies considered essential in controlling costs.

New Delhi believes that Iranian and Venezuelan crude, currently blocked by US sanctions, could be purchased at similar reduced prices.

India hopes that this offer could result in an easing of Washington’s tariffs after US President Donald Trump accused India and China of being the “biggest sponsors” of Russia’s war through purchases of crude at the UN General Assembly.

India stopped importing crude from Iran in 2019 and from Venezuela this year under U.S. pressure, but current Middle East and US supplies are pricier – Russian crude averaged $68.90 in July, compared with $74.20 from the US and $77.50 from Saudi Arabia.

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Analysts are already forecasting a jump in global oil prices in 2026, which India argues could be exacerbated if the US continued to block all supplies from Russia, Iran and Venezuela – three major producers.

Indian Commerce Minister Piyush Goyal, speaking earlier in New York, stated that the country intends to increase purchases of US oil and gas in the future, noting, “Our energy security goals will be significantly tied to the United States.”