NEW DELHI, 18 May: India has been purchasing Russian oil irrespective of US sanctions waivers and will continue to do so based on commercial viability and energy security needs, a senior Petroleum Ministry official said on Monday.
“Regarding the American waiver on Russia, I would like to emphasise that we have been purchasing from Russia earlier… before waiver also, during waiver also, and now also,” Sujata Sharma, joint secretary in the Petroleum Ministry, told reporters at a media briefing.
Sharma said India’s crude sourcing decisions aredriven primarily by commercial considerations and adequate supply availability.
“It is basically the commercial sense which should be there for us to purchase,” she said, adding that there is no shortage of crude supplies and enough volumes have been tied up through long-term arrangements.
A temporary US sanctions waiver allowing the sale and delivery of Russian seaborne crude expired on 16 May, marking the second time Washington has allowed the relief measure to lapse without clarity on an extension.
The general licence, first issued by the US Treasury Department in mid-March and extended in April, was meant to ease pressure in global energy markets after the US-Israeli war against Iran triggered the largest-ever oil supply disruption.
“Whatever, waiver or no waiver, it (availability) will not affect,” Sharma said.
India, the world’s third-largest crude importer and consumer, sharply increased purchases of Russian oil to take advantage of lower prices, helping domestic refiners manage elevated global energy costs.
US and European countries slapped sweeping sanctions on Russia for its February 2022 invasion but Russian oil itself was never sanctioned.
Russian oil imports into India are expected to average close to 1.9 million barrels per day in May, according to data from Kpler, near record levels. The figures include shipments covered under a temporary US sanctions waiver that has since expired over the weekend.
Analysts said India is unlikely to move away from Russian crude in the near term. More documentation and tighter screening are expected, rather than a structural shift in sourcing. (PTI)