State-owned explorer Oil and Natural Gas Corporation (ONGC) will continue to buy crude oil from Russia if the prices remain economically viable, chairman and CEO Arun Kumar Singh said on Friday (August 29, 2025).

Speaking to reporters after the annual general meeting of shareholders, the ONGC chief emphasised that Moscow was not under any sanctions and that the public sector company would continue purchasing crude unless the government decided otherwise.  

ONGC’s subsidiaries — refiners Hindustan Petroleum Corporation Ltd and Mangalore Refinery and Petrochemicals Ltd — buy crude oil from Russia.

Placing the notion in a larger context, Mr. Singh said, “As long as it is commercially and economically viable for our crude refineries, ONGC group of refineries will keep buying every drop which comes into the market, depending on refinery configuration.” 

‘One should not worry about small dips’  

Responding to reporters’ queries about diversification amid the geopolitical landscape, Mr. Singh highlighted a potential opportunity in challenging times. “If you look at the oil and gas history of the world, and foreign asset acquisitions, some companies became companies because they acquired assets in troubled times,” he stated.  

Mr. Singh emphasising that troubled times “do not last long”, stated, “If there is an asset that comes at a price which is acceptable to us with the future we see for ourselves, we will (consider it), because these one-two years shall go away.”

Suggested trading platform in conceptual stage

Mr. Singh said the suggested consolidated trading platform for buying and selling from all ONGC‘s group of companies is at a conceptual stage, and it will take some time before it acquires a thorough shape. Indicating the rationale for the unit, he said, “ONGC group of companies possess volumes which make it a substantiative force.” 

Saudi Arabia and India were biggest buyers of Russian fuel oil in July, data shows

The explorer’s total oil and gas production stood at 51.3 million metric tonnes of oil equivalent (MMToE) in FY 2025. This included 39.25 MMToE from ONGC, 1.83 MMToE from joint ventures and 10.28 MMToE from its foreign exploration arm.  

White House Trade Advisor Peter Novarro has referred to the Russia-Ukraine conflict as “PM Modi’s war,” criticising India for purchasing discounted crude oil from Moscow.

In an interview with Bloomberg, Mr. Novarro blamed India for being the reason behind the U.S. and Europe funding Ukraine against Russia’s aggression.

“Ukraine comes to us and Europe and says give us more money (for its war). Everybody in America loses because of what India is doing. Consumers and businesses lose, workers lose because India’s high tariffs cause jobs, income and higher wages. The taxpayer lose because we got to fund Modi’s war.” Mr. Novarro told Bloomberg.

He added, “The road to peace runs at least partly through New Delhi. The White House trade advisor further termed India “arrogant” over prioritising its energy needs and advised it to “side with democracies.”

“The Indians are so arrogant about this. They say we don’t have higher tariffs. It’s our sovereignty. We can buy oil from anyone we want. India, you’re the biggest democracy in the world. Okay? Act like one. Side with the democracies,” Mr. Navarro said.

Mr. Navarro further attacked India for smoothening its ties with China, with Moscow and Beijing, whom he labelled as “authoritarians.”

“You’re getting in bed with the authoritarians. China, you’ve been at quiet war with them for decades. They invaded Aksai Chin and all your territory. These are not your friends, folks. Okay? And the Russians, I mean, come on,” Mr. Navarro told Bloomberg.

Mr. Navarro’s remarks come after the 50% tariffs on Indian goods imposed by the Donald Trump administration came into force on Wednesday (August 27, 2025)

White House trade adviser Peter Navarro said India’s purchases of Russian crude were funding Moscow’s war in Ukraine and had to stop, adding that New Delhi was “now cozying up to both Russia and China.”

“If India wants to be treated as a strategic partner of the U.S., it needs to start acting like one,” Mr. Navarro wrote in an opinion piece published in the Financial Times.

EXPLAINED | Will India cave in to U.S. pressure on Russian oil?

The Ministry of External Affairs has previously said India is being unfairly singled out for buying Russian oil while the United States and European Union continue to purchase goods from Russia. U.S. President Donald Trump levied an additional 25% tariff on Indian goods earlier this month, citing New Delhi’s continued purchases of Russian oil, taking total tariffs on imports from India to 50%.

“India acts as a global clearinghouse for Russian oil, converting embargoed crude into high-value exports while giving Moscow the dollars it needs,” Mr. Navarro said.

DATA | Donald Trump’s criticism of India for its oil and arms trade with Russia is factual but illogical

The adviser also said it was risky to transfer cutting-edge U.S. military capabilities to India as New Delhi was “now cozying up to both Russia and China.”

Prime Minister Narendra Modi is set to meet Chinese President Xi Jinping at the end of the month while Chinese Foreign Minister Wang Yi is visiting India from Monday (August 18, 2025) for talks on the disputed border between the two countries.

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A planned visit by U.S. trade negotiators to New Delhi from August 25-29 has been called off, a source said over the weekend, delaying talks on a proposed trade agreement and dashing hopes of relief from additional U.S. tariffs on Indian goods from August 27.