India says it is saving the world by buying Russian oil
1 September 13:30
India continues to strongly resist growing pressure from the United States to stop importing crude oil from Russia. The country’s Oil Minister Hardeep Puri said that these supplies helped protect the global economy from a price shock, "Komersant Ukrainian" reports citing Bloomberg.
“India’s compliance with all international norms prevented a catastrophic shock of $200 per barrel. Some critics argue that India has become a ‘laundry room’ for Russian oil. Nothing could be further from the truth,”
– Puri wrote in a column for The Hindu on Monday.
Oil traders’ attention is focused on New Delhi’s purchases after Washington doubled tariffs on many Indian goods to 50% in an effort to end the war in Ukraine. As part of this campaign – which has not been matched by similar US actions against China, another major importer – Treasury Secretary Scott Bessent has accused the country’s wealthiest families of speculation, and Navarro has said the country is fueling the “Russian war machine” and is “nothing more than a laundry room” for the Kremlin.
“India has not broken the rules. India has stabilized the markets and has not allowed world prices to rise sharply,”
– Puri wrote, adding that its imports are in line with the G7 price ceiling mechanism, which was designed to limit Moscow’s revenues while ensuring the flow of oil.
Puri’s comments come after Indian Prime Minister Narendra Modi met with Russian President Vladimir Putin at a regional summit in China on Monday. Conversations with Putin are “always insightful,” Modi wrote in a post on X on Monday as the two exchanged views.
Russia, which previously held a small share of India’s oil imports, has 37% of the total purchases of the world’s third largest oil consumer this year, according to Kpler data. India took advantage of a $20 per barrel discount on delivery terms after Europe suspended purchases due to the war in Ukraine. However, the discounts have been reduced to a tenth due to tighter sanctions.
India is unlikely to stop Russian imports unless a global ban is imposed, as the issue becomes a political decision about the country’s freedom of choice rather than a purely economic one, CLSA analysts, including Vikash Kumar Jain, said in a note last week.
“The truth is that there is no substitute for the world’s second largest producer, which supplies nearly 10% of the world’s oil. Those who point fingers are ignoring this fact,”
– Puri said.
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US increases pressure on India over cooperation with Russia
The administration of US President Donald Trump continues to pursue a tough policy toward India over its energy cooperation with Moscow. The United States accuses New Delhi of “fueling” Russian aggression against Ukraine by continuing to purchase Russian crude oil. To “persuade” India to abandon Russian raw materials, the United States imposed 50 percent tariffs on Indian goods.
Moreover, as reported by , the White House is actively calling on European partners to impose sanctions against India similar to those imposed by the United States. The Trump administration is demanding that European countries completely stop purchasing Indian oil and gas, as well as impose secondary tariffs against New Delhi because of its cooperation with Moscow in the energy sector.
However, most European countries have so far remained silent on trade relations with India and do not support American sanctions. And there is a reason for this – the Indian side sharply criticizes the West’s double standards, reminding that European countries also import Russian energy carriers but avoid “tariff punishment.”
In particular, these issues, along with the Russian-Ukrainian war, are discussed at the SCO summit in Tianjin with the participation of Narendra Modi, Xi Jinping, and Vladimir Putin.
And in December, Putin will travel to India.
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