India to Continue Buying Russian Oil After U.S. Waiver Expires
NEW DELHI — India will continue buying Russian crude oil based on price, supply availability and national energy security needs, regardless of the expiration of a temporary U.S. sanctions waiver, a senior Petroleum Ministry official said Monday.
Joint Secretary Sujata Sharma said India’s crude sourcing decisions have not depended on U.S. waivers tied to Russian oil.
“Regarding the American waiver on Russia, I would like to emphasise that we have been purchasing oil from Russia earlier… before waiver also, during waiver also, and now also,” Sharma told reporters at a media briefing.
India, the world’s third-largest oil importer, has sharply increased purchases of discounted Russian crude in recent years as refiners sought to manage high global energy costs. Sharma said India’s decisions are guided by commercial logic and the need to ensure adequate supplies.
“It is basically the commercial sense which should be there for us to purchase,” she said, adding that India has enough crude volumes secured through long-term arrangements and is not facing any shortage.
The temporary U.S. sanctions waiver covering the sale and delivery of Russian seaborne crude expired May 16. The general license was first issued by the U.S. Treasury Department in mid-March and extended in April as part of efforts to ease pressure on global energy markets and curb rising crude prices during the Iran war.
“Whatever waiver or no waiver, it will not affect,” Sharma said of India’s purchasing decisions.
The U.S. has sanctioned several Russian entities in recent months, including major crude suppliers Rosneft and Lukoil, along with ships and financial channels tied to Russian oil exports. Those restrictions briefly slowed Indian purchases last year, but refiners later increased imports again after waivers were issued.
India’s Russian oil imports are expected to average nearly record levels of about 1.9 million barrels per day in May, according to Kpler data cited in the wire report. That includes shipments covered by the temporary U.S. waiver before it expired.
Russian crude purchases come as benchmark Brent prices have climbed above $100 per barrel. India has argued that its buying of Russian oil has helped ease pressure on global demand and cool runaway prices.
Analysts said India is unlikely to significantly reduce Russian crude purchases in the near term, though refiners may face more documentation requirements and tighter screening rather than a major change in sourcing. (Source: IANS)
