Stakeholders sensitised about impact of US sanctions on 400+ Russian entities: Govt
Singh said the US embassy in New Delhi informed the external affairs ministry on January 14 about US sanctions imposed on January 10
NEW DELHI: The government has taken steps to sensitise stakeholders such as Indian oil traders, oil field service providers and insurance companies about the impact of US sanctions imposed on more than 400 Russian energy sector-related entities in January.
The information was given by minister of state for external affairs Kirti Vardhan Singh in a written response to a question from Trinamool Congress lawmaker Ritabrata Banerjee in the Rajya Sabha on Thursday. Banerjee sought information on the impact on India of US sanctions on Russia’s oil sector and asked whether the US had asked India to stop buying Russian oil.
Russia, along with Iraq, is among the top two energy suppliers for India, which ramped up the purchase of Russian crude in 2022 after the imposition of Western sanctions over the invasion of Ukraine. In March, India’s imports of Russian oil were at 1.54 million barrels per day (bpd), after falling to 1.1-1.2 million bpd in the previous three months due to concerns about sanctions, Reuters reported recently.
In his written reply, Singh said the US embassy in New Delhi informed the external affairs ministry on January 14 about US sanctions imposed on January 10 by the US Department of Treasury’s Office of Foreign Assets Control (OFAC) on more than 400 Russian energy sector-related entities.
These entities included oil majors and their subsidiaries, LNG terminals, insurance companies, oil traders and brokers, oil vessels and providers of oilfield services.
“A 60-day winding down period was also announced after which the US shall designate all those that continue to deal with sanctioned parties in Russia’s energy sector,” Singh said.
“Government of India’s decision on international oil purchases is based on diverse factors, keeping in mind India’s national interests and priorities. Necessary steps have already been taken to sensitise all the relevant stakeholders regarding any provisions that could impact Indian oil traders, oil field service providers, and insurance companies,” he said.