India Urges US to Ease Sanctions on Iran and Venezuela Oil to Offset Russian Trade Limits

India has told the US that cutting Russian oil imports would require allowing crude purchases from sanctioned suppliers Iran and Venezuela, according to a Bloomberg report on September 25.

The request was repeated during meetings in Washington this week, as Indian representatives warned that restricting all three sources could spike global oil prices, people familiar with the discussions told Bloomberg, speaking on condition of anonymity.

The talks follow US tariffs aimed at penalizing India’s oil trade with Russia. Despite the levies, India has continued limited imports of Russian crude, which is heavily discounted compared with barrels from Saudi Arabia, the US, or the Middle East.

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Indian officials, including Commerce Minister Piyush Goyal, emphasized plans to increase US energy purchases while maintaining overall energy security, according to Bloomberg.

Reliance Industries and other refiners previously halted Iranian and Venezuelan imports due to sanctions, but shifting to other suppliers would raise costs and the import bill. India currently buys nearly 90% of its oil from imports, making discounted Russian crude a major cost saver.

The discussions come as OPEC+  and other producers plan to increase output next year, likely creating a surplus that could put downward pressure on global prices, Bloomberg reports.

Previously, it was reported that the US President Donald Trump, in his address to the United Nations General Assembly, criticized NATO members and major Asian buyers for continuing to purchase Russian energy, saying such trade supports Russia’s war economy.

He suggested that the US may consider new trade measures.

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