Indian Prime Minister Narendra Modi called for an end to the Ukraine war during his meeting with Russian President Vladimir Putin at the Shanghai Cooperation Organization summit on Monday. Modi emphasized India's support for peace efforts, stating, 'we must move from endless war to the end of war, to the cessation of hostilities,' and warned that 'every day that the war continues, humanity takes a step backwards' [1].
Meanwhile, Russia's Defense Ministry announced plans for 'massive strikes' on Ukraine's energy infrastructure, following a deadly attack on an ammunition warehouse that resulted in 38 fatalities. These attacks raise concerns about another winter assault on Ukraine's energy sector, which officials and national security experts describe as Kyiv's toughest challenge yet [1].
The U.S. House is expected to pass a bill later this month that would impose up to 100% tariffs on countries among the top five purchasers of Russian crude oil or gas, including China and India. Russia is India's largest crude supplier, accounting for more than 50% of India's oil imports in June and July, and nearly 43% until August 24. Russian exports to India between April and July reached over $34 billion, marking a nearly 60% increase from last year, according to India's latest trade data [1].
During the summit, Putin praised the growth in bilateral trade with India but noted that 'last year saw a slight decline.' Previously, U.S. President Donald Trump imposed punitive tariffs of 25% on India in August 2025 for its energy trade with Russia, raising the total levy on Indian exports to the U.S. to 50%. These tariffs were reduced to 18% earlier this year, but the U.S. remains interested in increasing Venezuelan crude supply to India as a replacement for Russian barrels [1].
CONCLUSION
Modi's call for peace and the looming U.S. tariff threat highlight escalating geopolitical tensions surrounding India's energy trade with Russia. With Russia supplying a significant portion of India's crude oil and the U.S. considering severe tariffs, the market faces heightened uncertainty and potential disruption. The situation is likely to impact global energy flows and trade relations in the near term.