India has stated it will maintain its “diversified” oil purchases after the U.S. Congress approved a significant new sanctions package aimed at Russia and its allies. According to reports, these measures represent the first substantial action taken by Congress against Russia since the return of the Republican president.
Importantly, the new legislation empowers Donald Trump to impose tariffs of up to 100% on the five largest countries importing Russian gas and oil, including China and India, with the goal of depriving Moscow of the funds it uses to conduct its war in Ukraine.
India Committed to Protecting Its Interests
The Indian Ministry of External Affairs emphasized its determination to ensure energy security for its 1.4 billion citizens. The ministry stated, “We remain firmly committed to achieving this by diversifying supply sources and adapting to market dynamics.” Russia remains a traditional ally and one of India’s primary military equipment suppliers.
Furthermore, the Indian side has clearly expressed its resolve to take all necessary measures to protect its commercial and economic interests, according to the ministry.
Western Criticism Over Russian Oil Purchases
As the world’s third-largest oil importer, India has managed to navigate the energy crisis by diversifying its crude oil supply sources, significantly increasing imports from Russia. The country has faced criticism from Washington and several European nations for its purchases of Russian oil, which they believe contribute to financing Russia’s war against Ukraine.
Last week, Russian President Vladimir Putin and Indian Prime Minister Narendra Modi met in New Delhi on the sidelines of the BRICS summit. Indian refineries have nearly doubled their imports of Russian crude oil, reaching 2.25 million barrels per day in March following the initial American-Israeli attacks and the subsequent lifting of U.S. sanctions.
Deliveries peaked at a record 2.81 million barrels in July, according to trade information company Kpler, but have since decreased to 2.07 million last month.
