India Reaffirms Commitment to Russian and Venezuelan Oil Imports

According to the International Desk of Webangah News Agency, spokesperson for India‘s Ministry of External Affairs, Randhir Jaiswal, announced that the country will continue purchasing oil from Russia. He clarified that New Delhi’s position on oil imports from both Russia and Venezuela is completely transparent.

Jaiswal stated, “Regarding Venezuela, we have said that we will consider the possibility of purchasing oil from Venezuela if it is commercially justified, and our position has not changed.”

Following the outbreak of war in Ukraine in 2022 and the imposition of extensive sanctions by Western nations against Moscow, Russian oil exports to Asian markets, particularly India, saw a significant increase. Prior to the conflict, Russia’s share in India’s oil import basket was very limited. However, the price cap imposed by the G7 and reduced European purchases led Russia to offer its oil at a considerable discount to Indian refineries.

These discounts propelled India, the world’s third-largest oil importer, to become one of the largest buyers of Russian crude oil, even surpassing China in some months. New Delhi, citing economic interests and the necessity of ensuring its energy security, declared that purchasing inexpensive Russian oil is essential for maintaining stable fuel prices domestically. This trend has bolstered economic ties between the two nations, though it has simultaneously drawn sensitivity and political pressure from the United States and the European Union.

The United States had previously urged India to limit and reduce its oil purchases from Russia.