Tuesday, 02 January 2024 12:17 GMT

Former Diplomat Says India Keeps Buying Russian Oil Despite Sanctions


(MENAFN) India has not stopped buying Russian crude oil despite U.S. sanctions targeting major Russian energy companies, according to comments made by India’s former ambassador Deepak Bhojwani in an interview, as stated by reports.

Bhojwani, who previously served as ambassador to several Latin American countries including Colombia, Venezuela, and Cuba, said that New Delhi has continued importing Russian oil even after Washington imposed sanctions on Rosneft and Lukoil in October. He added that these restrictions were later temporarily eased following disruptions in global energy markets.

He noted that a recent waiver from the United States allowed India to import over $5 billion worth of oil in April, as stated by reports.

“No matter what [US President] Donald Trump does, even if he levies sanctions and threatens, we will buy oil from Russia,” he said, adding that India has effectively challenged Washington’s pressure.

He also argued that India is not without options, pointing out that it maintains energy agreements with multiple partners, including countries in the European Union. According to him, the U.S. understands that aggressive sanctions on India could backfire economically and politically.

Bhojwani further said that while India has diversified its oil supply sources, gas imports remain heavily dependent on Gulf countries, making disruptions in key routes a serious concern.

“It’s a horrendous proposition to think that this could go on for a few weeks more,” he said, referring to global energy instability. He also criticized U.S. policy in the region, claiming it has worsened the situation.

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