India has not ruled out buying crude oil from Russia at concessional rates. Foreign Ministry spokesman Arindam Bagchi said that many European countries are still importing energy from Russia. The Russian economy has been hit hard by the sanctions imposed on Moscow by the US and its allies. These restrictions have been imposed because of President Vladimir Putin’s invasion of Ukraine. At such times, Moscow has reportedly offered crude oil and other commodities to New Delhi at a discount.
The West wants to isolate Putin. US officials acknowledged India’s dependence on Russia for military hardware, but said they would like to see New Delhi distance itself from Moscow. Bagchi was asked about the reports whether India has accepted the Russian offer of crude oil at concessional rates. To this, he said, “India imports most of its oil requirements… so we are always exploring all possibilities in the global energy markets because of this situation we are facing to import our oil requirements.”
‘Contemplating on all options for energy needs’
Bagchi said that Russia has not been a major supplier of oil to India. “I would like to point out that many countries are doing it, especially in Europe and at this point I leave it at that. We are major oil importers and we are taking this opportunity to look at all options for our energy needs,” he said. ”
What is the impact of sanctions from Western countries on India-Russia trade?
When asked if the purchase could be done on the basis of rupee-ruble agreement, Bagchi said that he was not aware of the details of the offer. Responding to another question on the impact of Western sanctions against Russia on India-Russia trade, Bagchi said India would wait. “We will await an assessment of the impact of any unilateral sanctions on our economic transactions with Russia,” he said.