New Delhi: India on Friday said it is in touch with Washington to clarify issues pertaining to the possible impact that the latest US sanctions on Russia’s energy sector could have on Indian companies.
The Biden administration on January 10 announced additional sanctions targeting Russia’s oil industry as well as oil-carrying vessels with an aim to cut off Moscow’s energy revenue that is funding its war in Ukraine.
“These additional sanctions that have been announced pertain to several entities and individuals in the Russian energy sector,” External Affairs Ministry spokesperson Randhir Jaiswal said.
“We are in touch with the US authorities to clarify issues pertaining to the impact on Indian entities,” he said at his weekly media briefing.
Jaiswal said the external affairs ministry is “working with all relevant departments and agencies to sensitise Indian companies on applicable provisions and also to inform them about new measures being implemented that could impact Indian companies in certain circumstances.”
“Our oil purchases have been and always are guided by our own energy security requirements along with prevailing global circumstances and market conditions,” he said.
India’s procurement of discounted crude oil from Russia witnessed a significant upswing after imposition of Western sanctions on Russia over its invasion of Ukraine in February 2022. India continued buying Russian crude oil even after the G7 grouping imposed punitive price cap on Russian crude oil in an attempt to limit Moscow’s ability to fund its invasion of Ukraine.
The price cap that came into effect in December 2022 stopped countries from paying more than USD 60 a barrel to Russia for oil procurement.
India has been vehemently defending its oil trade with Russia, saying its policy is based on national interest and energy requirement.
