Russia has not received any statements from India about stopping Russian oil purchases, Kremlin spokesman Dmitry Peskov said on Tuesday (February 3, 2026).

Mr. Peskov also said that Russia intends to continue to develop its relations with India in every possible way, according to Russian media reports.

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His comments came a day after U.S. President Donald Trump claimed that Prime Minister Narendra Modi has “agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela.”

“Moscow has not yet received any statements about India halting purchases of oil,” Peskov was quoted as saying by the Russia media.

In a post on Truth Social, Mr. Trump, who spoke with Prime Minister Modi, on Monday (February 2, 2026) announced that India and the U.S. agreed to a trade deal under which Washington will charge a reduced reciprocal tariff on Delhi, lowering it from 25% to 18%.

Mr. Trump last year imposed 50% tariffs on India, among the highest in the world, including 25% levies for its purchases of Russian energy.

India buys about 88% of its crude oil, which is converted into fuels like petrol and diesel, from overseas.

Russian oil made up hardly 0.2% of all crude oil that India imported till 2021. India, the world’s third-largest oil importer, became the largest buyer of discounted Russian crude after Western countries shunned Moscow following its February 2022 invasion of Ukraine.

India’s import of Russian crude oil dropped to around 1.1 million barrels per day in the first three weeks of January, from an average of 1.21 million bpd in the previous month and over 2 million bpd imports in mid-2025, according to data from real-time analytics company Kpler.

Iraq is now supplying almost the same volumes as Russia, up from an average of 9,04,000 bpd in December 2025, according to Kpler.

Volumes from Saudi Arabia too have risen to 9,24,000 bpd in January, from 7,10,000 bpd in December and lows of 5,39,000 bpd in April 2025.

Russian President Vladimir Putin expressed his anticipation for his upcoming visit to India in early December and has ordered the government to devise measures to soften the trade imbalance with India due to the heavy import of crude by New Delhi.

Speaking at the international Valdai discussion forum of security and geopolitical experts from 140 countries, including India, in the Black Sea resort of Sochi in South Russia on Thursday (October 2, 2025) evening, Mr. Putin underlined that Russia and India have never had any problems or tensions between them and always took actions by keeping in view their sensitivities.

“We have never had any problems or interstate tensions with India. Never,” the Russian leader noted.

Mr. Putin highlighted the “special” nature of Russia-India relations since the days of the Soviet Union, when India was fighting for its independence. “In India, they remember this, they know it, and they value it. We appreciate that India has not forgotten it,” he declared.

He referred to Prime Minister Narendra Modi as his friend, noting that he feels comfortable in their trustworthy interactions.

Mr. Putin lauded India’s nationalist government led by Mr. Modi, calling him a “balanced, wise”, and “nationally oriented” leader.

He remarked, “Everyone in India knows this well,” particularly regarding India’s decision to ignore U.S. pressure to halt oil imports from Russia.

“The losses faced by India due to punitive U.S. tariffs would be balanced by crude imports from Russia, plus it will gain prestige as a sovereign nation,” Mr. Putin said.

He said that to remove the trade imbalance, Russia may buy more agricultural products and medicines from India. “More agricultural products may be purchased from India. Certain steps can be undertaken from our side for medicinal products, pharmaceuticals,” Mr. Putin stated.

He noted the vast potential for economic cooperation between Russia and India but acknowledged the need to resolve specific issues to fully unlock these opportunities.

“We need to solve the whole range of tasks to unlock our opportunities and potential advantages,” Putin said, identifying financing, logistics and payment bottlenecks as key concerns.

Mr. Putin also recalled that the declaration of a special strategic privileged partnership between Russia and India will soon celebrate its 15th anniversary, declaring, “That’s what it really is.”

He noted that, in their political relations, Russia and India almost always coordinate their actions.

“We always hear and take into account the positions of our countries on various key issues. Our foreign ministries work very closely together,” Mr. Putin said.

Additionally, he welcomed the idea of a joint fund to develop AI and other cutting-edge technology proposed by Dr Arvind Gupta, Director General of New Delhi-based Vivekananda International Foundation (VIF), who was attending the Sochi forum.