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America has banned India from purchasing oil from Russia. The government has outright rejected these restrictions. Clarifying its energy security, India has said that it will continue to buy crude oil from Russia, whether it gets America’s concession or not.

Sujata Sharma, Joint Secretary, Petroleum Ministry, said in a press conference on Monday that India had earlier also bought oil from Russia, kept buying during the discount period and is buying it now also. Sujata Sharma stressed that India’s oil buying is primarily based on commercial and economic needs. He also said that the country has enough crude oil available and there is no shortage.

Why did the government have to give clarification?

A Bloomberg report claimed that India has demanded to increase the limit of exemption fixed for buying Russian oil from America. America had given exemption in March, the deadline for which ended on May 16. India is meeting its energy needs by buying cheap oil from Russia. Russian oil imports into India in the month of May are estimated to average 19 lakh barrels per day, which is a record level so far.

Why will India continue importing oil from Russia, understand

• Affordable Rates: The situation of oil in the world is not clear yet. Due to the Iran War, trade in the Strait of Hormuz is not easy for any country. In such a situation, Russian oil is cheaper and its supply is also more stable because it does not come directly through the Strait of Hormuz.
• energy security: Taking oil from Russia is part of India’s energy security. Russia is fulfilling India’s needs. Such large quantities of cheap and good oil cannot be easily obtained from other countries. Therefore India will continue buying from Russia.
• US exemption neutralized: Even after the waiver ends, imports will remain almost the same, with just a few changes. India will be more careful now. Will stay away from banned companies or ships. Taking oil from Russia will not stop completely, only the process will be a little stricter.
• Your interests are paramount: India has repeatedly indicated at the diplomatic level that India’s own strategic and economic interests are paramount. Purchasing will continue only from where cheap and safe oil is available for the people of the country. There is a kind of understanding between the two countries that India will continue to buy Russian energy, because it has become the backbone of India’s energy security. India’s dependence on Russian oil will continue, whether there are US sanctions or not.