India Continues Russian Oil Purchases Despite US Sanctions Lapse

The Indian government has confirmed that it will keep purchasing oil from Russia regardless of the recent expiry of US sanctions waivers. Sujata Sharma, a Joint Secretary in the Ministry of Petroleum and Natural Gas, stated during a press briefing that India's oil procurement strategy has remained consistent throughout various phases of sanctions. "We have been purchasing from Russia earlier, during the waiver, and now as well," Sharma remarked, emphasising that commercial considerations guide these decisions.

Sharma detailed that India has sufficient crude oil supplies secured, ensuring that the absence of a US waiver will not disrupt imports. She noted, "There is no shortage of crude. Enough crude has been tied up repeatedly, and this, whatever waiver or no waiver, it will not affect."

The recent United States decision to allow a sanctions waiver to expire followed a month-long extension, which aimed to alleviate oil supply issues and mitigate rising prices caused by reduced Iranian exports due to the closure of the Strait of Hormuz.

India has emerged as the leading consumer of Russian seaborne crude oil, with purchases reaching near-record levels in recent months. Following prior waivers, the Indian market has seen a significant uptick in Russian oil imports in April and May, underscoring the dependency on this supply amid fluctuating global oil prices.

The government's commitment to Russian oil imports highlights India's strategic approach to energy security, prioritising its economic interests over geopolitical considerations. With the shifting landscape of international oil markets, the decision reflects a broader trend where many countries evaluate their energy policies amid changing sanctions and international relations.