U.S. President Donald Trump reaffirmed on Sunday that Indian Prime Minister Narendra Modi assured him India would halt its purchases of Russian oil. Speaking aboard Air Force One, Trump warned that India could continue facing “massive” tariffs if it fails to follow through. “I spoke with Prime Minister Modi of India, and he said he’s not going to be doing the Russian oil thing,” Trump told reporters.
When asked about India’s claim that no such conversation took place, Trump responded, “If they want to say that, then they’ll just continue to pay massive tariffs, and they don’t want to do that.” The issue of Russian oil imports remains a key sticking point in ongoing U.S.-India trade negotiations. Half of Trump’s 50% tariffs on Indian goods are said to be in retaliation for India’s continued oil purchases from Russia, which Washington argues help fund Moscow’s war in Ukraine.
India, now the largest buyer of discounted Russian seaborne oil, began ramping up imports after Western nations imposed sanctions following Russia’s 2022 invasion of Ukraine. Trump claimed that Modi personally confirmed India would stop buying Russian oil, but India’s foreign ministry stated it was unaware of any such conversation and reiterated that New Delhi’s main concern is to “safeguard the interests of the Indian consumer.”
A White House official later said India had reduced its Russian oil imports by half, though Indian sources disputed seeing any immediate decline. Market data from commodities firm Kpler suggests that India’s Russian oil imports are expected to rise by about 20% this month to 1.9 million barrels per day as Russia boosts exports following Ukrainian drone attacks on its refineries. Analysts believe any visible cut in India’s imports may appear only in December or January trade data.


Japan Private-Sector Growth Slows as Domestic Demand Weakens
Xi Calls for Deeper U.S.-China AI Cooperation in Trump Talks
Yemen Violence Displaces 130,000 as Civilian Toll Rises
Fed Unveils Stablecoin Rules Under GENIUS Act
Pezeshkian Says US Must Choose When Iran War Ends
Asian Stocks Fall as Bond Yields Surge Ahead of Trump-Xi Summit
Canadian Dollar Faces Pressure as Fed-BoC Policy Gap Widens
US Backs Musk in Fight Against EU’s €120 Million X Fine
Saudi Arabia, Turkey and Pakistan Plan Urgent Defence Talks Over Houthi Attacks
Trump Warns China Against Supporting Iran in Xi Talks
Australia Unemployment Hits Five-Year High Despite Strong Jobs Growth
Soybean Futures Slip as Traders Await Trump-Xi Trade Signals
Japanese Yen Rebounds as Trump Flags Currency Weakness
Ukrainian Drone Attacks Hit Russian Regions, Injuring at Least 12
Dollar Holds Near Two-Month High as Yen Approaches 160
U.S. Dollar Hits Two-Month High as Oil, Treasury Yields Surge
Wall Street Ends Flat as Oil, Treasury Yields and Fed Jitters Rattle Markets 



