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India's formal energy transactions should not be politicized: Government imports oil from Russia | Economic News

New Delhi: The government has said that India’s crude oil imports and energy relations with Russia should not politicize India’s formal energy transactions.

“India should focus on competitive energy sources. We welcome such offers from all manufacturers. Indian businesses are also operating in global energy markets to explore better options,” ANI was quoted as saying.

“Neither oil-self-sufficient countries nor countries that import themselves from Russia can reliably support restricted trade. India’s formal energy transactions should not be politicized,” it said.

“India is highly dependent on imports to meet its energy needs. About 85% of our crude oil demand (5 million barrels per day) should be imported. Most imports come from West Asia (Iraq 23%, Saudi Arabia 18%), UAE 11%). “It simply came to our notice then.

The United States has said that India’s acceptance of crude oil at Russia’s concessional prices would not violate US sanctions, but would put New Delhi on the wrong side of history.

“Our message to any country is to continue to abide by the sanctions we have imposed and recommended,” White House spokeswoman Jen Zhaki told reporters. When asked about the report on India’s readiness to accept Russia’s offer of discounted crude oil, Zaki said, “I do not believe this would violate sanctions.” “But think about where you want to stand when history books are being written at this time. Support for the Russian leadership is obviously support for an invasion that will have a catastrophic impact,” Psaki added.

India does not support Russian invasion of Ukraine. New Delhi continues to urge all stakeholders to resolve their differences through negotiations. However, it has ignored all UN resolutions against Russia.

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