India defends Russian oil purchases

India has vowed to protect its trade and economic interests after US lawmakers approved new sanctions targeting Russia and its energy sector.

NEW DELHI: India has vowed to protect its trade and economic interests after US lawmakers approved new sanctions targeting Russia and its energy sector.

New Delhi said it would continue buying oil from a range of suppliers. It said the decision would depend on changing market conditions.

India’s foreign ministry said energy security remained a major priority. The country needs reliable supplies to meet the energy needs of its 1.4 billion people.

The statement came after US lawmakers backed legislation aimed at increasing pressure on Russia over its war in Ukraine.

The proposed sanctions target Russia’s energy and defence industries. They also cover Russian President Vladimir Putin and other senior officials.

The legislation seeks to impose further restrictions on Moscow’s so-called shadow fleet. Western governments accuse the fleet of helping Russia bypass sanctions and continue exporting oil.

The bill would also give US President Donald Trump powers to impose tariffs of up to 100 per cent on countries that continue buying Russian oil and gas.

India and China could face such measures because both remain major buyers of Russian energy.

India said it was closely monitoring the developments. Its foreign ministry said the country would take “all necessary measures” to protect its economic and trade interests.

The ministry also said the issue had been discussed with US officials at senior levels in recent months.

Indian officials have highlighted the possible impact of the proposed measures on relations between New Delhi and Washington. They have also raised concerns about the wider effect on international energy markets.

Russia remains an important strategic partner for India. Moscow is also one of New Delhi’s major sources of military equipment.

India has increased its purchases of Russian crude in recent years. Russian oil became particularly important after disruptions in global energy markets.

Indian refiners increased crude imports from Russia after the latest conflict in the Middle East triggered fresh pressure on energy supplies.

Russian crude imports reached about 2.25 million barrels per day in March, according to trade data. The increase was partly supported by temporary US waivers.

Shipments later reached a record 2.81 million barrels per day in July, according to trade intelligence firm Kpler.

The flow has since declined. Imports stood at around 2.07 million barrels per day last month.

India has continued to defend its right to secure energy supplies based on market conditions. New Delhi has also stressed the need to maintain diversified sources of energy.

The issue comes as India and Russia maintain close diplomatic and economic ties. Russian President Vladimir Putin and Indian Prime Minister Narendra Modi held talks in New Delhi last week ahead of a BRICS summit.