'Comfortable with New Delhi buying Russia oil, India-US ties most consequential' | Latest News India - Hindustan Times

'Comfortable with New Delhi buying Russia oil, ties with India most consequential': US officials

Feb 09, 2023 08:56 AM IST

India continues buying discounted oil from Russia despite West's sanction. Moscow has become New Delhi's second biggest oil supplier, replacing Saudi Arabia, after Iraq.

The US is not looking to sanction New Delhi for continuing its purchase of oil from Russia as the India-US relations are most consequential, US assistant secretary for European and Eurasian Affairs Karen Donfried on Wednesday said. "We are not looking to sanction India. Our relationship with India is the most consequential relationship," Donfried said in a telephonic press conference, as reported by ANI. Read | India can buy as much Russian oil as it wants, outside price cap, says US

The US is not looking to sanction India as New Delhi continues to buy discounted oil from Russia. (AP)
The US is not looking to sanction India as New Delhi continues to buy discounted oil from Russia. (AP)

Amid the Russia-Ukraine war, India took a strong stance of continuing trade with Russia in the interest of the people while condemning the violence. Despite pressure from the West, the stand was not shaken and foreign minister S Jaishankar shut down the critics of the policy.

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US Assistant Secretary for Energy Resources Geoffrey Pyatt said the energy security agenda that India and US are pursuing together is particularly important in light of what Russian President Vladimir Putin has done over the past year to disrupt global energy markets. "By weaponising Russia's oil and gas resources, Russia has demonstrated that it will never again be a reliable energy supplier. It also caused a short spike in global oil and gas prices which continue to ripple around the world," Geoffrey Pyatt said.

Though India is not a participant in the price cap, it has effectively used its negotiation leverage which it derives from the price cap and the fact that large portions of the global market are no longer accessible to Russia, to drive down price of Russian crude, Pyatt said.

"US crude production continues to grow to reach a new record in 2024. The important role of US LNG and minister Hardeep Puri said in Bangalore that we have shared resources and minimized role in carbon footprint, India was one of the top ten markets for US LNG," Pyatt added.

In December 2022, India purchased an average of 1.2 million barrels a day which is 29% more that what India purchased in November, Bloomberg reported.

Apart from oil, India and Russia's defence deals are also on track. Russian Ambassador Denis Alipov said on Monday Russia will soon complete the supplies of the third regiment of the S-400 Triumf surface-to-air missile systems to India as both sides are committed to completing the whole contract.

(With ANI inputs)

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