(Oil Price) – The on-and-off U.S. sanctions on Russian oil and the flipping U.S. position regarding India’s oil purchases from Russia highlight the double standards of the Western nations, Indian Foreign Minister S Jaishankar said on Friday.
India turned en masse to Russian oil in 2022, when the U.S. and the EU imposed sanctions on Moscow due to the invasion of Ukraine. Four years later, India is a major buyer of Russia’s crude and Russia is India’s single-largest oil supplier.
“At that time, the US specifically asked India to buy Russian oil to stabilise the oil market,” Jaishankar was quoted as saying at an event in Finland, referring to the situation on the market in 2022.
India buys oil based on price and availability, the foreign minister said in response to reporters’ remarks that India is “too sympathetic to Russia” and “too willing to buy oil from Russia”.
“Circumstances pushed us in a certain direction,” NDTV World quoted Jaishankar as saying.
The U.S. lifted sanctions on Russian oil this year after the Iran war pushed oil prices well above $100 per barrel in April, after having slapped tariffs on India for buying Russian crude.
“Let’s not pretend there’s some great principle involved here. I don’t think making this about sanctimony is really warranted,” the Indian minister said.
In the current supply crisis, Indian refiners have secured crude supply at least through August as they boost purchases from the United Arab Emirates (UAE), Africa, and Brazil.
As supply from the Middle East crashes, India is buying growing volumes of crude from West African producers Nigeria and Angola, as well as from South American producers Brazil and Venezuela.
India is now also the key importer of currently de-sanctioned Russian crude on water. Russia has remained India’s top crude supplier in the past two months, thanks to the waivers from the U.S., the same country that was insisting early this year that India slash purchases of Russian oil.
By Tsvetana Paraskova for Oilprice.com
