(MENAFN- Live Mint) Denis Alipov, the Russian ambassador to India, on Thursday claimed that Moscow remains the largest supplier of oi to New Delhi with a market share of over 30%.

Alipov made the comment in an interview with TASS.

The ambassador stated that Russia is ready to continue providing the most favorable terms to New Delhi for the purchase of energy resources.

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“Despite the obstacles put in place by the West, we remain the largest supplier of oil to India,” the ambassador told TASS.

He added that American sanctions against Rosneft and Lukoil may, of course, influence the redistribution of hydrocarbon flows, but for India economic feasibility always remains a priority.

“We assume that Russia will retain its status as one of the main energy suppliers to the South Asian republic, with entrepreneurs being able to adjust to the existing format of interaction given the current situation.”

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On October 22, the US imposed sanctions on Rosneft and Lukoil two of the largest oil producers in Russia - to cut off the Kremlin's resources for funding the Ukraine war.

According to European think tank, India spent as much as 2.5 billion euro on purchases of crude oil from Moscow in October, and it was unchanged from the 2.5 billion euro spent on buying Russian oil in September.

In its monthly tracking report, the Centre for Research on Energy and Clean Air (CREA) stated that India remained the second-largest buyer of Russian fossil fuels in October behind China.

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"India remained the second-largest buyer of Russian fossil fuels, importing a total of EUR 3.1 billion. Crude oil dominated India's purchases at 81 per cent (EUR 2.5 billion), followed by coal at 11 per cent (EUR 351 million) and oil products at 7 per cent (EUR 222 million)," CREA said.

In October, US President Donald Trump had reiterated his claim that Delhi will significantly reduce its energy purchases from Moscow.

Trump has been claiming that Delhi has assured him that it will significantly reduce its oil imports from Russia.

However, the Ministry of External Affairs (MEA) had said that India is a significant importer of oil and gas, and it has been Delhi's consistent priority to safeguard the interests of the Indian consumer in a volatile energy scenario.

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