NEW DELHI — India will continue buying Russian oil based on commercial viability and energy security needs, despite the expiration of a temporary U.S. sanctions waiver, a senior Petroleum Ministry official said Monday.
Sujata Sharma, a joint secretary in the ministry, said India’s crude oil purchases from Russia have continued before, during and after the waiver period.
“Regarding the American waiver on Russia, I would like to emphasise that we have been purchasing oil from Russia earlier… before waiver also, during waiver also, and now also,” Sharma told reporters at a briefing.
She said India’s crude sourcing decisions are guided mainly by commercial considerations and the availability of adequate supplies.
“It is basically the commercial sense which should be there for us to purchase,” Sharma said, adding that India does not face a shortage of crude and has secured enough volumes through long-term arrangements.
The temporary U.S. sanctions waiver for the sale and delivery of Russian seaborne crude expired May 16. It was the second time the Trump administration allowed the relief measure to lapse without clarifying whether the deadline would be extended.
The general license was first issued by the U.S. Treasury Department in mid-March and extended in April. It was intended to ease pressure on global energy markets and help bring down elevated crude prices amid the ongoing Iran war.
“Whatever waiver or no waiver, it will not affect,” Sharma said of India’s position.
India, the world’s third-largest oil importer, sharply increased Russian crude purchases after the Ukraine war as discounted supplies helped domestic refiners manage high global energy costs.
In recent months, the U.S. sanctioned several Russian entities, including major crude suppliers Rosneft and Lukoil, along with ships and financial channels. Those measures briefly slowed purchases last year, but the waiver allowed Indian refiners to increase imports again.
Russian oil imports into India are expected to average nearly 1.9 million barrels per day in May, close to record levels, according to data from Kpler. The figures include shipments covered under the temporary U.S. sanctions waiver that expired over the weekend.
India’s purchases come as benchmark Brent crude prices have climbed above $100 per barrel. Officials and analysts have argued that Indian purchases of Russian crude have helped ease pressure on global oil demand and cool prices.
Analysts said India is unlikely to move away from Russian crude in the near term. Instead, refiners are expected to face more documentation requirements and tighter screening rather than a major shift in sourcing. (Source: IANS)
