New Delhi: India has said that it will continue purchasing crude oil from Russia and various other countries to meet the country’s energy needs.
A bill imposing sanctions on Russia and Iran has been passed in the United States. Through this, U.S. President Donald Trump has been given the authority to impose tariffs of up to 100% on the five countries that buy the most oil from Russia: China, India, Slovakia, Hungary, and Azerbaijan. The bill will soon be sent for the president’s approval and will come into effect once he signs it.
In this regard, the Indian Ministry of External Affairs said: India is committed to meeting the energy needs of the country’s 1.4 billion people. It will continue to purchase crude oil from various countries according to market conditions.
All necessary measures will be taken to protect the country’s trade and economic interests. The government will work in coordination with Indian industry bodies to deal with its impact. The Ministry of External Affairs has said this. Russia is India’s primary crude oil supplier. In July last year, Russia accounted for 51.1 percent of India’s total crude oil imports.
This is more than what the United Arab Emirates, Saudi Arabia, Venezuela, Brazil, Oman, and the United States together have supplied. However, as part of efforts to diversify energy procurement, India is increasing its purchases from the United States and Venezuela.