U.S. will not sanction India for buying Russian oil: senior American officials
- The United States does not intend to sanction India over its continued purchase of Russian oil, calling New Delhi one of their most “consequential” partners.
Rising oil imports
- While India and the U.S. “do not always share the same policy approaches” with regard to Russia and Ukraine, the two countries share a commitment to “upholding the international rules-based order that is founded on respect for territorial integrity and sovereignty”.
- Despite several calls to reduce oil purchases from Russia, the Indian government has repeatedly asserted that it will buy oil from “wherever” it needs to.
- According to the latest figures for January, India has imported around 1.27 million barrels per day (bpd) of Russian Urals oil, a 30-fold jump from last January when it was around 40,000 bpd.
- Russia, which was earlier the 17th biggest oil supplier to India, has become the highest exporter for the past few months.
- It now accounts for about 28% of India’s oil imports, up from 0.2% before the invasion of Ukraine.
No secondary sanction
- American rejected the calls for secondary sanctions against countries such as China and India that were “financing the Russian economy and the Russian military machine”.
- Earlier , the U.S. had called India’s stand on Russia, including its refusal to criticise Russia’s actions in Ukraine, as “deeply disappointing”.
- However, the U.S. officials briefing the media made it clear that Washington was now “comfortable with the approach that India has taken”.
Prelims Take Away
- Russia-ukraine War
- Location Based question
- India-Russia Trade