US President Donald Trump on Wednesday reiterated that Prime Minister Narendra Modi had assured him that India would gradually stop buying Russian oil.
US President Donald Trump on Wednesday reiterated that Prime Minister Narendra Modi had assured him that India would gradually stop buying Russian oil. The US leader's remarks come on the same day that Washington imposed draconian new sanctions on two of Moscow's biggest energy companies.
India, as you know, told me it was going to stop. It's a process. You can't just stop (buying oil from Russia). By the end of the year, they will represent almost nothing, almost 40 percent of oil. India, they were great. I spoke to Prime Minister Modi yesterday. They have been absolutely wonderful, Trump told reporters in Washington.
His remarks came just hours after the US Treasury Department announced sanctions against Russia's two largest oil companies, Rosneft and Lukoil, accusing them of fueling President Vladimir Putin's war effort in Ukraine.
The US Department of Foreign Assets Control (OFAC) is imposing new sanctions due to Russia's lack of serious commitment to a peace process aimed at ending the war in Ukraine, the department said in a statement. Today's actions increase pressure on Russia's energy sector and degrade the Kremlin's ability to generate revenue for its war machine and support its weakened economy.
When it came to imposing similar sanctions on China for its oil purchases from Russia, Trump said Beijing has a somewhat different relationship with Russia.
It was never good, but because of Biden and Obama, they were forced to unite. They should never have been forced closer together. They (China and Russia) cannot be friendly. I hope they are, but they can't be. Biden and Obama forced them together because of energy and oil. They're closer than they normally would be," he said.
"I'll probably talk about it. What I'll really talk to him about is how we end the war with Russia and Ukraine, whether it's through oil or energy or something else. I think he'll be very receptive," he said.
The sanctions against Russian oil giants are the first imposed on Moscow since Trump's return to the White House and are aimed at reducing key revenues from oil sales for Russia.
The move against Russia marks the latest pendulum swing under the Trump administration, from forcing kyiv to sue for peace to growing frustration with Russian President Vladimir Putin's maximalist demands. Now is the time to stop the killings and establish an immediate ceasefire, Treasury Secretary Scott Bessent said in a statement announcing the sanctions against Russia.
Faced with President Putin's refusal to end this senseless war, the Treasury is sanctioning the two largest Russian oil companies which finance the Kremlin's war machine. Treasury stands ready to take additional action if necessary to support President Trump's efforts to end another war. We encourage our allies to join us and adhere to these sanctions," he added.
Speaking on the matter in the Oval Office with NATO Secretary General Mark Rutte, Trump also confirmed the cancellation of the summit with Putin, which was scheduled to take place in Budapest, Hungary. We canceled the meeting with President Putin, Trump said. It didn't feel right. I didn't feel like we were going to get to where we needed to get to, so I canceled it. But it's good to do it in the future.
Meanwhile, Ukraine and its European allies welcomed the move. European Commission President Ursula von der Leyen said she spoke with Bessent shortly before the announcement and welcomed the new sanctions. With the imminent adoption of the 19th [sanctions] "This is a clear signal on both sides of the Atlantic that we will maintain collective pressure on the aggressor," she wrote.