India expects no disruption to Russian oil imports despite US, UK sanctions
Date
1/15/2025 3:42:49 AM
(MENAFN) Despite the recent US and UK sanctions against Moscow's energy industry, India, the third-largest oil importer in the world, does not anticipate any disruption to its oil purchases from Russia in the coming two months. US-approved tankers are allowed to release petroleum until March, a senior administration official told a news agency on Monday.
The market is awaiting Russia's response to the sanctions. A news agency cited the unnamed source as adding, "Russia will find ways to reach us."
As they prepare for disruptions in deliveries from Moscow, China, the world's top oil importer, and India are currently "scouring the globe for supplies of crude."
News agencies reported on Monday that Chinese and Indian refineries are assessing the impact of the new sanctions and weighing options to source crude from West Asia, the Americas and Africa.
Beijing on Monday repeated its opposition to US unilateral sanctions. Foreign Ministry deputy Guo Jiakun stated: “China opposes the US overstretching the concept of national security, and disrupting and restricting normal economic and trade exchanges,” adding that Beijing stands against “illegal unilateral sanctions and long-arm jurisdiction that lack basis in international law.”
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