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India buys oil from the international market, wherever it is available, at the cheapest available rate, says MEA
India’s decisions on oil purchases are guided by its energy security requirements, the Ministry of External Affairs (MEA) said on Thursday (April 4 2024) as major economies led by the G7 nations implement phase two of the price cap imposed on the purchase of Russian oil.
Addressing the weekly media briefing in New Delhi, MEA Official Spokesperson Randhir Jaiswal said, “For us, anything to do with energy security, oil purchases, our buying in the international market... all these are guided by our energy security requirements, and it’s a commercial exercise that we do. It’s a commercial venture that we engage.”
“We buy oil from the international market, wherever it is available, at the cheapest available rate. We have to ensure our energy security and that’s of prime consideration,” he added.
Jaiswal was responding to a question on the visit to India by a team of the US Treasury Department, amid phase two of the price cap on Russian oil imposed by the G7, the European Union, and Australia.
The G7 grouping and its allies announced a cap on the price of Russian oil in December 2022. This was part of a series of punitive measures against Moscow following the start of the conflict with Ukraine.
Speaking at an event in New Delhi earlier in the day, Assistant Secretary for Economic Policy of the United States Department of Treasury, Eric Van Nostrand, said the price cap’s goals are to limit Russia's revenue and maintain global oil supply by creating a mechanism for India and other partners to access Russian oil at discounted prices.
Another senior US official, speaking at the same event, said that the United States has not asked India to stop or reduce its oil imports from Russia nor has it sanctioned any Indian entity for buying and refining crude oil purchased from Russia.
“There is no restriction, we have not asked India to reduce Russian oil buying,” Anna Morris, Acting Assistant Secretary for Terrorist Financing, said. Morris also stressed that once Russian oil is refined, it is no longer Russian oil. “I also want to specify that once Russian oil is refined, from technical perspective, it is no longer Russian oil,” she said.
Addressing the weekly media briefing in New Delhi, MEA Official Spokesperson Randhir Jaiswal said, “For us, anything to do with energy security, oil purchases, our buying in the international market... all these are guided by our energy security requirements, and it’s a commercial exercise that we do. It’s a commercial venture that we engage.”
“We buy oil from the international market, wherever it is available, at the cheapest available rate. We have to ensure our energy security and that’s of prime consideration,” he added.
Jaiswal was responding to a question on the visit to India by a team of the US Treasury Department, amid phase two of the price cap on Russian oil imposed by the G7, the European Union, and Australia.
The G7 grouping and its allies announced a cap on the price of Russian oil in December 2022. This was part of a series of punitive measures against Moscow following the start of the conflict with Ukraine.
Speaking at an event in New Delhi earlier in the day, Assistant Secretary for Economic Policy of the United States Department of Treasury, Eric Van Nostrand, said the price cap’s goals are to limit Russia's revenue and maintain global oil supply by creating a mechanism for India and other partners to access Russian oil at discounted prices.
Another senior US official, speaking at the same event, said that the United States has not asked India to stop or reduce its oil imports from Russia nor has it sanctioned any Indian entity for buying and refining crude oil purchased from Russia.
“There is no restriction, we have not asked India to reduce Russian oil buying,” Anna Morris, Acting Assistant Secretary for Terrorist Financing, said. Morris also stressed that once Russian oil is refined, it is no longer Russian oil. “I also want to specify that once Russian oil is refined, from technical perspective, it is no longer Russian oil,” she said.
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