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India's Legitimate Energy Transactions Shouldn't Be Politicised: Sources

India's Legitimate Energy Transactions Shouldn't Be Politicised: Sources

NDTV
Friday, March 18, 2022 08:57:27 AM UTC

"Russia is offering oil and other commodities at a heavy discount. We will be happy to take that," government officials had said.

India's legitimate energy transactions should not be politicised and countries self-sufficient in oil or those themselves importing from Russia cannot credibly advocate restrictive trading, government sources said on Friday amid US criticism of India over India taking up Russia's offer of discounted crude oil.

Indian Oil Corporation (IOC), the nation's top oil firm, has already bought as much as 3 million barrels of crude oil that Russia had offered at a steep discount to prevailing international rates, said sources.

While clarifying that it would not be a violation of American sanctions on Russia which has invaded Ukraine with reports of serious human rights violations, White House Press Secretary Jen Psaki had said on Tuesday that it would amount to support of Russian invasion. "But also think about where you want to stand when history books are written at this moment in time. Support for the Russian leadership is support for an invasion that obviously is having a devastating impact," Ms Psaki had said.

Pointing out that Russia has been a marginal supplier of crude oil to India (less than 1% of our requirement, not among the top 10 sources), sources said that the jump in oil prices after the Ukraine conflict has now added to our challenges and the pressure for competitive sourcing has naturally increased. There is no government-to-government arrangement for the import from Russia, they added.

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