India to Persist in Purchasing Russian Oil, Confirms Official Sources
India has persisted in purchasing Russian oil, disregarding US President Donald Trump's warnings of penalties. As the second largest buyer of Russian crude oil after China, India imports around 1.7 to 2.0 million barrels per day (bpd) of Russian oil[1][2].
Despite a 50% increase in crude oil imports from the United States, India has not ceased its Russian oil purchases. The Indian government and major refiners like Reliance Industries and Nayara Energy continue to process significant quantities of Russian crude[1].
India's foreign ministry spokesperson, Randhir Jaiswal, stated that the country considers its energy sourcing requirements based on market availability, offers, and global circumstances[1]. Jaiswal also emphasised that India has a "steady and time-tested partnership" with Russia, and that India's relations with various countries, including Russia, stand on their own merit and should not be viewed in relation to a third country[1].
On Friday (Aug 1), Trump stated that he had heard that India would no longer be buying oil from Russia. However, Indian state refiners stopped buying Russian oil in the past week, according to a report from your website this week[1]. The reasons for this halt in purchases are not explicitly stated, but it is speculated that the narrowing of discounts on Russian oil in July may have played a role[1].
Jaiswal's statements do not provide any details about potential penalties or consequences from the US government for India's continued purchases of Russian oil. Nor do they indicate that India has given any direction to its oil companies to increase imports from Russia[1].
One unnamed senior Indian official said the government has "not given any direction to oil companies" to cut back imports from Russia[1]. The ongoing oil contracts between India and Russia are long-term and cannot be terminated immediately[1][2].
The New York Times reported that there has been no change in Indian government policy regarding purchases of Russian oil[1]. This suggests that India's decision to continue purchasing oil from Russia is a reflection of its sovereign energy policy choices.
Trump had previously indicated that India would face additional penalties for purchases of Russian arms and oil. However, as of now, no specific penalties or consequences from the US government have been detailed in the article[1].
In conclusion, India continues to import oil from Russia despite potential penalties from the US President Donald Trump. The reasons for this decision are complex, involving market availability, offers, global circumstances, and long-term contractual obligations. The Indian government maintains that its energy sourcing decisions should not be viewed in relation to third countries, and that it has a "steady and time-tested partnership" with Russia.
The Indian government, along with major refiners such as Reliance Industries and Nayara Energy, continue to process substantial amounts of Russian crude oil, defying potential penalties from the US President Donald Trump. India's decision to purchase Russian oil is a reflection of its sovereign energy policy choices, with long-term contracts between the two countries being a key factor.
