New Delhi, Oct 30 (UNI) Amid the new US sanctions targeting major Russian oil companies, which are reported to have forced Indian oil refiners to suspend new purchases, India said today it is studying the implications of the move but added that it will be guided by the imperative to secure affordable energy from diverse sources to meet the country’s energy security needs.
Ministry of External Affairs spokesperson Randhir Jaiswal, said at a briefing today in response to a question:
“We are studying the implications of the recent U.S. sanctions on Russian oil companies. Our decisions naturally take into account the evolving dynamics of the global market.
“Our position on the larger question of energy sourcing is well known. In this endeavor, we are guided by the imperative to secure affordable energy from diverse sources to meet the energy security needs of our 1.4 billion people.”
Earlier this month, the US imposed sanctions on Russia's top crude exporters, Rosneft and Lukoil, forcing Indian refiners to announce suspension of new purchases. This has led to disruption of India's energy supply chain and raised concerns about costs.
According to reports, following the US announcement of sanctions, an Indian oil tanker carrying Rosneft crude turned around in the Baltic Sea while en route to India. Russia has been a major supplier of crude oil to India, providing nearly a third of the country's imports.
According to US President Donald Trump and his administration, India’s purchase of Russian oil is helping to fund the Ukraine conflict. His administration has imposed 50 percent tariffs on India, including 25 percent for purchase of Russian oil. The tariffs are the highest imposed by the US on any country.
The new US sanctions on the Russian oil companies come as India and the US are nearing finalisation of a mega trade deal, with both sides holding regular intensive talks.
UNI RN