Russia ‘confident’ energy partnership with India will continue – deputy PM

Deputy Prime Minister Aleksandr Novak has said he is confident that Russia will continue its energy partnership with India.

Speaking on the sidelines of Russia Energy Week, Novak said Russia’s energy resources are in demand, and are economically advantageous and practical.

“I’m confident that our partners will continue to work with us, interact, and develop energy cooperation,” Novak said, according to Reuters. Regarding India, Novak added, “We continue to cooperate with our friendly partners.”

His comments came after US President Donald Trump claimed on Wednesday that Prime Minister Narendra Modi “assured” him that India will stop buying Russian oil.

“I was not happy that India was buying oil, and he [Modi] assured me today that they will not be buying oil from Russia,” Trump told reporters. “That’s a big step. Now we’ve got to get China to do the same thing.”

On Thursday, Indian Foreign Ministry spokesman Randhir Jaiswal said he was "not aware" of a phone call between Modi and Trump. 

Since 2022, New Delhi has significantly ramped up oil imports from Russia. Russian crude accounted for 34% of Indian oil imports in September, according to Kpler data. 

READ MORE: Indian refiner pays for Russian oil in yuan – Reuters

In August, Trump announced a 25% tariff on India as a penalty for the country’s purchases of Russian oil, which he claims is helping Russia prolong the Ukraine conflict.

On Thursday, Novak confirmed that some refiners in India are paying for Russian oil in Chinese yuan. “I am aware that such payments have started. I believe the percentage is small at present because payments are largely made in rubles,” he told TASS.

Traders selling Russian oil to Indian companies prefer payments in yuan over the US dollar since they don’t have to convert the Chinese currency before paying oil producers. The yuan has become a major foreign currency in Russia, which is one its largest offshore trading centers.