India has made a definitive decision regarding Russian energy resources. New Delhi will continue purchasing oil despite pressure from the United States, India’s Ambassador to Russia Vinay Kumar told Izvestia.
– On August 21, the foreign ministers of Russia and India are set to meet in Moscow to discuss deepening their strategic partnership. Earlier, Donald Trump imposed 25% tariffs on Indian imports in response to India’s purchases of Russian oil. According to experts, Washington is attempting to leverage these measures to secure more favorable terms and gain broader access to the Indian market.
– India is not considering an embargo on Russian oil, Ambassador Vinay Kumar said. “No, India buys what is best for itself. <…> The question is not whether to ban it or not. It is a matter of its security, of the country’s economic and energy interests, particularly the energy needs of its people.
– Therefore, we will continue to purchase your oil depending on economic benefit. Our government has made it clear that India will take all measures to protect its national interests. And this is a national interest — the energy security of 1.4 bln people of India,” the diplomat told Izvestia.
– According to him, the country is highly sensitive to any measures or actions by those who “infringe on India’s sovereignty.”
– Given the strong ties between Russia and India, which are also bound by close cooperation within BRICS and the Shanghai Cooperation Organization (SCO), the United States is unlikely to compel New Delhi to prohibit incoming supplies.
– However, Washington could trigger a substantial reduction in purchase volumes, Head of the Center for the Indo-Pacific Region at the Institute of World Economy and International Relations Alexey Kupriyanov told Izvestia.
– In his view, such a development would slow the growth of India’s oil refining sector and drive up domestic gasoline prices.
– Moreover, it would create a supply shortage in the oil market and push global prices higher, Indian political scientist Rakesh Bhadauria noted. “If India stops purchasing Russian oil, it will signal that it has yielded to US pressure and will undermine the country’s policy of strategic autonomy,” the expert said.
https://tass.com/pressreview/2089539