Government Ministry
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Lead Indian negotiating body
India has been the world's second-largest buyer of Russian oil since 2022, snapping up discounted crude while Western nations sanctioned Moscow. On February 2, 2026, President Donald Trump announced that Prime Minister Narendra Modi had agreed to stop those purchases entirely in exchange for American tariff cuts from 50% to 18%, ending a trade war that had escalated for nearly a year. A US-India Joint Statement released around February 6-9 outlined an Interim Trade Agreement framework, confirming India's intent to purchase $500 billion in US energy, technology, aircraft, and coal over five years; tariff reductions/eliminations on US goods; and US suspension of the additional 25% Russian oil tariff effective February 7 via Executive Order. However, Modi has publicly confirmed only the tariff reduction, Indian refiners received no instructions to halt imports, and the deal lacks full binding enforcement amid shadow logistics risks.
Updated Feb 11
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