In response to criticism from Western media about the increase in Russian oil imports, Indian Oil Minister Hardeep Puri affirmed that New Delhi not only meets domestic consumption needs but also contributes to stabilizing global oil prices.
Speaking in an interview with CNBC on July 10, Indian Oil Minister Hardeep Puri said that buying oil from Russia is a reasonable choice in the context of a volatile world energy market. We will buy from anywhere as long as it is beneficial for Indian consumers, he stressed.
After the Russia-Ukraine conflict broke out in 2022, India has boosted crude oil imports from Russia, despite pressure from Western countries. To date, Russia is the supply of 38% of India's total oil imports.
While the Western press has repeatedly questioned whether New Delhi is indirectly funding Moscow's military campaign, Minister Puri has dismissed the argument. He said the US itself has encouraged India to buy Russian oil - as long as it is within the price ceiling. If all countries had stopped buying Russian oil at that time, oil prices could have skyrocketed to $130/barrel, Puri said.
Minister Puri said that by steadfastly pursuing national interests in energy policies, India is helping to stabilize the global economy. We have overcome major challenges in the international energy market, and I believe we will continue to do that, he affirmed.
In addition to imports from Russia, India also bought up to 15 billion USD of energy from the US last year. According to Mr. Puri, New Delhi's energy policy is to balance and diversify supply sources to ensure sustainable energy security.
However, energy trade between India and Russia has continued to be criticized recently, after US Senator Lindsey Graham proposed a bill to impose a 500% tax on countries that continue to trade with Moscow.
In response, Indian Foreign Minister S. Jaishankar affirmed that New Delhi is very interested in any move in the US Congress if it could affect the energy interests of this South Asian country.
We have clarified our views and interests with Senator Graham, Jaishankar said at a press conference in Washington in early July.
Amid rising geopolitical pressures, India's stance shows its determination to prioritize strategic interests, energy security and the rights of the people.
