As India becomes top importer of Russian oil, US says not planning sanctions
India’s import of Russian oil surged in October, making it the highest ever.
The United States does not currently have sanctions in place against Russian energy exports to other countries, Pakistan newspaper Dawn reported citing a US State Department official.
The report comes as Russia became India’s top oil supplier in October, and Pakistan is seeking energy supplies from Russia at a discount.
“The United States does not currently have sanctions in place against Russian energy exports to other countries,” a US State Department spokesperson, who has been unnamed, told Dawn.
The spokesperson said that the decision to ban Russian energy imports has been left to the individual countries, hoping that they would take an appropriate decision based on their own circumstances.
“We continue to coordinate with allies and partners, including India and European allies and partners, to mitigate the impact of (President Vladimir) Putin’s war of aggression against Ukraine on global energy markets,” the spokesperson added.
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Meanwhile, India’s import of Russian oil surged in October, making it the highest ever.
According to energy cargo tracker Vortexa, Moscow supplied 935,556 barrels per day (bpd) of crude oil to India in October.
Russia now makes up for 22 per cent of India's total crude imports, ahead of Iraq's 20.5 per cent and Saudi Arabia's 16 per cent.
Before the Russia-Ukraine war, Russia had supplied only 36,255 barrels per day of crude oil to India in December 2021, whereas Iraq exported 1.05 million bpd and Saudi Arabia 952,625.
The increase in Indian imports of Russian oil comes in the aftermath of the western sanctions on Moscow in response to its Ukrainian war.
As the West tried to choke Russian energy supplies, Vladimir Putin decided to diver its export to Asian countries by selling the oil for cheap. India and China reaped the benefits as both became the biggest consumer of Russian oil.
India depends on imports to meet 85 per cent of its petroleum needs. As a result of western sanctions, the prices of oil surged in the international markets, forcing India to look for alternative avenues to quench its oil needs.
(With inputs from agencies)
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