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New Delhi. Amidst the ongoing instability in the global energy market, the US has taken an important step and announced an additional 30-day relaxation in restrictions to Russian oil. According to US Finance Minister Scott Besant, this relief will be applicable to those crude oil cargoes which are already present in the sea, so that their supply is not disrupted and the pressure on oil prices in the global market can be reduced.

This decision has come at a time when many parts of the world are witnessing energy crisis and price fluctuations. The US says this “temporary general license” is a relief for countries that have urgent energy needs and are dependent on oil cargo stranded at sea.

Meanwhile, India has once again made its position clear that it is not dependent on any US exemption or sanctions framework. Sujata Sharma, Joint Secretary of the Petroleum Ministry, clearly said that India had neither stopped buying oil from Russia before, nor during the exemption period, nor will it stop in the future. According to him, this decision is completely based on business and economic needs.

The government side says that India’s priority is to maintain stable fuel supply in the country, so that any kind of shortage or price increase does not directly impact the common consumers. Despite the recent increase in the prices of crude oil in the global market, there is pressure on the oil companies in India, due to which there is a situation of loss of crores of rupees per day.

India has also clarified that from the energy security point of view, any kind of supply disruption can have a direct impact on the country’s economy and the general public. For this reason, purchasing crude oil from Russia is being seen as a practical option.

According to statistics, India imports a major part of its total oil requirement and this dependence is continuously increasing. The decline in domestic production and increasing demand for petrol and diesel have made this situation more complex. In such a situation, imported oil is playing a very important role in the energy system of the country.

Overall, while the US is providing temporary relief to stabilize the global market, India has given a clear message that its energy policy will be based entirely on domestic needs and economic realities.