After claiming success in brokering a ceasefire in Gaza, US President Donald Trump is now turning his attention to the Ukraine war. Following what both sides described as a “very productive” phone call with Russian President Vladimir Putin on Thursday, the two leaders agreed to meet in Budapest, Hungary, possibly within a fortnight. The conversation came a day before Trump’s meeting with Ukrainian President Volodymyr Zelenskyy, where a deal for long-range American Tomahawk missiles was under discussion.
Such weapons may not end the war, but their ability to strike deep inside Russia could complicate an already tense equation. Yet Trump’s fresh diplomatic effort deserves attention—not least because the prolonged conflict has disrupted global supply chains and kept energy prices volatile. For India, which imports over 85 per cent of its crude needs, stability in oil markets is crucial to containing inflation and sustaining growth.
Washington’s recent decision to impose an additional 25 per cent tariff on Indian goods, reportedly in response to New Delhi’s continued purchase of discounted Russian oil, shows how easily global rivalries can spill over into trade and policy. Ahead of his talks with Putin, Trump claimed Prime Minister Narendra Modi had assured him that India would phase out Russian oil imports. The Ministry of External Affairs swiftly rejected this, clarifying that no such conversation had taken place and reiterating that India is expanding and diversifying its energy basket. Whether the claim stemmed from the recent visit of US Ambassador-designate Sergio Gor to Delhi is unclear.
Trade data, however, show a gradual moderation in Russian oil purchases. Indian Oil Corporation sourced 4.62 million barrels in September, compared to 10.35 million in January. Even so, India’s energy appetite remains vast, driven by rapid economic growth and rising consumption. If the proposed Trump–Putin talks in Budapest lead to even a partial easing of tensions, the benefits will be global—but particularly felt in energy-dependent economies like India. After years of conflict, it is time for diplomacy, not weaponry, to take the lead.