(MENAFN) India is closely examining the effects of newly imposed sanctions on major Russian oil companies, Rosneft and Lukoil, and will take appropriate action based on how the situation unfolds, according to Foreign Ministry spokesperson Randhir Jaiswal.

During a weekly briefing on Thursday, Jaiswal stated that the country is actively monitoring the developments in the wake of these sanctions.

In late October, the United States implemented sanctions on both Rosneft and Lukoil, as well as several of their subsidiaries.

Following that, the European Union enacted its 19th round of sanctions against Moscow, which affected over 100 tankers along with additional individuals and entities.

The US and The European Union have intensified measures targeting Russian oil exports as part of broader geopolitical tensions.

“We are studying the implications of those sanctions,” Jaiswal remarked. “We make decisions naturally, considering the changing dynamics of the global market,” he added.

Emphasizing India’s energy needs, the spokesperson pointed out that “India is guided by the imperative to secure affordable energy from diverse sources to meet the energy security needs of our 1.4 billion people.”

As the world’s third-largest oil consumer, India has significantly increased its imports of Russian crude oil since 2022.

According to data from Kpler, Russia made up 34% of India's total oil imports by September, with the country currently receiving an average of 1.8 million barrels of Russian oil per day, based on analysts' estimates.

Earlier this year, President Trump imposed a 25% punitive tariff on India, citing the country’s oil purchases from Russia as a contributing factor.

He accused both India and China of exacerbating the Ukraine conflict through their ongoing imports of Russian oil.

This tariff was in addition to an existing 25% duty imposed in August, after the two countries failed to reach a trade agreement.

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