New delhi: India on Thursday dismissed NATO's warning about potential secondary sanctions on countries engaged in trade with Russia. The country stressed that its energy procurement strategy is guided by market availability and global circumstances.
According to Kuwait News Agency, Indian External Affairs Ministry Spokesperson Randhir Jaiswal addressed the media in New Delhi, emphasizing the priority of securing energy needs for the Indian populace. He underscored the importance of being guided by market availability and prevailing global conditions in fulfilling these needs. Jaiswal cautioned against double standards regarding international trade and energy procurement.
NATO's chief, Mark Rutte, had recently urged India, alongside China and Brazil, to reconsider their trade relationships with Russia, threatening them with 100% secondary sanctions should Moscow fail to engage in peace negotiations concerning Ukraine.
Indian Minister of Petroleum and Natural Gas, Hardeep Singh Puri, noted that India has broadened its crude oil import sources, expanding from 27 to 40 countries. He highlighted Russia's significant role as one of the world's leading oil producers, with an output surpassing nine million barrels per day. Puri warned that removing Russian oil from the market abruptly could cause price surges, potentially reaching USD 130 to 200 per barrel.
Puri asserted that India has never bought any sanctioned oil cargo, clarifying that while Russian oil is not under global sanctions, it is subject to a price cap designed to align with the realities of the international energy supply chain. India remains heavily reliant on imports for its energy needs, with over 85% of its crude oil requirements being met through imports.