Delhi: India will continue purchasing crude oil from Russia irrespective of the status of American sanctions waivers, reaffirming that the country’s energy security and economic interests remain its top priorities amid rising global oil prices and escalating tensions in West Asia. The clarification came on Monday from Sujata Sharma following concerns triggered by the expiry of a key US sanctions waiver linked to Russian seaborne oil exports over the weekend. Addressing the media, Sharma said India’s crude import strategy has remained unchanged before, during, and after the waiver period.
“Regarding the American waiver on Russia, I would like to emphasise that we have been purchasing from Russia earlier, before the waiver also, during the waiver also, and now also,” she stated. She further asserted that there is no shortage of crude oil supplies and that India has secured adequate sourcing arrangements to meet domestic demand. According to Sharma, the waiver’s expiry would not impact the country’s energy procurement plans. The statement comes at a time when global crude oil prices remain elevated due to ongoing geopolitical tensions in West Asia and fears of disruptions in key shipping routes such as the Strait of Hormuz.
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International benchmark Brent crude was trading above USD 110 per barrel, while US benchmark WTI crude crossed USD 106 per barrel amid growing concerns over supply disruptions. Russian crude has become a significant component of India’s oil import basket in recent years, primarily due to discounted pricing compared to other global suppliers. The Ministry of Petroleum and Natural Gas maintained that India’s crude sourcing decisions are driven purely by commercial viability and supply stability. Sharma stressed that India’s energy supply chains remain secure despite global uncertainties, adding that New Delhi would continue to make procurement decisions based on market conditions and national interest.
