India has never relied on permission from any country to buy Russian oil and the recent lifting of restrictions by the US only removes friction, not determines the country's energy policy. Senior government officials told news agency PTI.
Washington had previously pressured India to stop buying Russian oil in exchange for tariff cuts. Amid the US-Israeli military operation against Iran and the ensuing volatility in energy markets, the US Treasury Department has issued a license to India to buy Russian oil already in tankers at sea for 30 days. The license covers transactions involving petroleum products and supplies of crude oil loaded on any vessel up to and including March 5.
„The lifting of US sanctions eases tensions. It does not define India's energy policy, which is guided by three issues: affordability, availability and stability for every Indian household," the official said.
“India will buy oil wherever it is available. Our oil purchases will not be guided by any empty slogans. India has never depended on any country's permission to buy Russian oil,“ another government official told the agency.
India is the world's third-largest oil consumer, heavily dependent on imports. Indian refineries buy crude from over 30 countries, including Russia. India currently holds over 250 million barrels of oil and petroleum products in reserve, enough for seven to eight weeks.
The Indian Ministry of External Affairs had earlier said that ensuring energy security for the country's 1.4 billion people is a top priority for the government. Diversification of energy sources in line with objective market conditions and the changing international environment is the basis of the country's strategy and all decisions in India are and will be taken with this in mind.