US never banned Russian oil, Europe buys the most gas, so why is India being targeted?

US Never Banned Russian Oil: The US has never imposed a ban on Russian oil. Instead, it implemented a price cap. Indian companies have consistently purchased Russian oil below this price cap.

US President Donald Trump had reason to celebrate, but his joy was short-lived. On Friday, Trump announced that India had stopped buying oil from Russia, expressing his satisfaction. However, on Saturday, sources reported that Indian oil refineries continue to purchase Russian oil. News agency ANI reported this information. In just one day, Trump's claims and his satisfaction were proven unfounded.

Recently, Trump announced imposing a 25% tariff on India and spoke of penalising the country for buying crude oil from Russia.

The US Never Imposed Sanctions on Russian Oil

While the US has urged India to stop buying Russian oil, the truth is that the US has never imposed sanctions on Russian oil itself. Russian oil remains unrestricted by the US or the European Union. In fact, the US has imposed sanctions on Iranian and Venezuelan crude oil. Indian oil marketing companies are not purchasing crude oil from these two countries.

India Buys Russian Oil Below the Price Cap

The US has imposed a price cap on Russian oil, meaning Russia cannot sell oil above a price set by the US. This measure aims to limit Russia's oil revenue. This price cap is set at $60 per barrel. Indian companies have adhered to this price cap, purchasing Russian oil below $60. Recently, the European Union recommended a price cap of $47.6 on Russian crude, effective from September.

Europe is a Major Buyer of Russian Gas

While the US and Western countries urge India to stop buying Russian oil, ironically, Western countries are the largest buyers of Russian gas. Data shows that the European Union has been the largest importer of Russian liquefied natural gas (LNG). According to CREA data, the EU purchased 51% of Russian LNG exports until June 2025. China (21%) and Japan (18%) follow.

The EU is the Largest Buyer of Russian Pipeline Gas

The EU has also been the largest buyer of Russian pipeline gas, purchasing 37% of Russian pipeline gas exports until June 2025. China (30%) and Turkey (27%) follow.

From 2% to 40%

India's purchase of Russian oil is not against any rules. India has consistently bought Russian oil below the price cap set by Western countries. Before February 2022, only 2% of India's oil imports came from Russia. Since then, Russia has become India's largest oil supplier, accounting for about 40% of its supply. India has saved billions of rupees by purchasing cheaper Russian oil. In the fiscal year 2024 alone, India saved $25 billion by buying discounted Russian oil. India's total trade with Russia amounts to $65.69 billion, with oil trade forming the largest part. The US and Western countries' attempts to dissuade India from buying Russian oil highlight their double standards.