Key facts
- India's Foreign Minister S. Jaishankar accused Western nations of double standards regarding U.S. sanctions on Russian oil.
- He stated the U.S. specifically asked India to buy Russian oil in 2022 to stabilize the market.
- India is now a major buyer of Russian crude, with Russia being its largest oil supplier.
- India purchases oil based on price and availability, according to the minister.
- The U.S. lifted sanctions on Russian oil this year after global prices surged above $100 per barrel.
- India is diversifying its crude supply by increasing purchases from the UAE, Africa, and Brazil.
India's Foreign Minister S. Jaishankar has accused Western nations of exhibiting double standards concerning sanctions on Russian oil and India's continued purchases from Moscow. Jaishankar highlighted that the U.S. had previously encouraged India to buy Russian oil in 2022 to help stabilize global oil markets, a stark contrast to current pressures for India to reduce these imports.
Speaking at an event in Finland, Jaishankar stated that India's oil purchases are driven by price and availability, pushing back against remarks suggesting India is overly sympathetic to Russia. He explained that circumstances led India in a particular direction regarding its energy sourcing.
This stance comes as India has become a significant buyer of Russian crude, with Russia emerging as its largest oil supplier. The situation is further complicated by the U.S. lifting sanctions on Russian oil this year, a move that occurred after global oil prices surpassed $100 per barrel due to the Iran conflict. Jaishankar suggested that the principle behind these actions is not as straightforward as often portrayed.
Amid current supply challenges, Indian refiners are securing crude through at least August by increasing purchases from diverse sources including the United Arab Emirates, West African nations like Nigeria and Angola, and South American producers such as Brazil and Venezuela. Russia has maintained its position as India's top crude supplier in recent months, facilitated by waivers from the U.S., the same country that had earlier urged India to cut back on Russian oil imports.