'Russia's economy depends on India': Zelenskyy says trade must stop
What's the story
Ukrainian President Volodymyr Zelenskyy has urged major Russian crude buyers, including India, to stop trading with Moscow. Speaking to The Wall Street Journal on the sidelines of the United Nations General Assembly in New York, he said Russia's economy relies heavily on energy sales to these countries. "Russia is basing its economy on India, sometimes Turkey and China," Zelenskyy said. ".....if these guys stop their energy trade with Russia, then it [Russia] will have to stop fighting the war."
Economic pressure
US intensifies pressure on nations buying Russian energy
Zelenskyy's comments come as the United States intensifies pressure on nations buying Russian energy.
US President Donald Trump recently signed the Lindsey O Graham Sanctioning Russia and Iran Act, allowing tariffs of up to 100% on countries buying Russian oil and gas.
India and China could be among those affected by this move.
Trade dynamics
India and China's role in Russian oil imports
India and China have emerged as major buyers of Russian crude after Western sanctions. Despite a recent decline in imports, India's purchases remain significant.
In August, India imported about 2.1 million barrels per day of Russian oil, a 16.5% drop from previous months.
Preliminary data suggests imports could further decline to around 1.9 million barrels per day in September.
Energy strategy
India's stance on energy imports
India has maintained that its energy imports are driven by economic and energy security needs.
After the Russian sanctions bill was passed in the US House last week, the Indian Ministry of External Affairs reiterated that India remains firmly committed to ensuring energy security for its 1.4 billion people.
"It will continue to do so through diversified sourcing and on the basis of evolving market dynamics," it said.