No pressure on India to buy Russian crude, says Minister

Union Petroleum and Natural Gas Minister Hardeep Singh Puri clarified on Tuesday that there is no pressure from the US or any other country on India to reduce the purchase of crude oil from Russia. He made this important statement during a dialogue at the 29th Energy Technology and Innovation Meet organised in Panaji. He emphasised that he has never felt any kind of pressure.

According to reports by NDTV and Business Standard, the Minister stated that Indian refiners will purchase crude from those suppliers who offer the most competitive prices. Amidst global market uncertainty, energy security for the country is a priority. Puri added that currently India is not specifically buying Russian oil, but all decisions taken in this regard are made through commercial considerations rather than pressure from any country.

He further stated that when the time comes for negotiations, India will purchase only from the supplier who is providing the specific grade of oil. Sometimes, even a reduction in prices is observed. The Minister also questioned the logic of viewing India's oil purchases as a subject of external pressure and reiterated that purchasing decisions will depend on the terms offered by the suppliers.

According to a report by The Economic Times, this purchase of Russian oil is under international scrutiny. The Minister's statement comes amidst efforts by Western countries to reduce Moscow's oil revenue following Russia's invasion of Ukraine. Meanwhile, an important matter has also emerged that US President Donald Trump has provided exemptions from new duties and new sanctions under new laws on Russian energy exports, which has helped protect India from potential tariffs of up to 100%.

Referring to the sanctions imposed on two Russian entities, Rosneft and Lukoil, Puri stated that buyers can obtain oil from other suppliers, including the United Arab Emirates (UAE). He also said that India has diversified its energy investments and sourcing, which includes investments made in Saudi Arabia and other locations.

The Union Minister emphatically stated that as a large energy-consuming country, India cannot compromise on its energy security amidst geopolitical developments and fluctuations in international markets. He also drew attention to the complexity of the global oil and petroleum product trade and said that purchasing decisions involve numerous commercial and supply-related factors. India's approach is guided by the need to ensure reliable supply while managing costs for consumers and the broader economy.