India asserts oil supply rights after US sanctions move

India yesterday said that it would continue buying oil from “diversified” suppliers after US lawmakers approved sanctions designed to squeeze Russia over its war in Ukraine.

The US legislation targets Russia’s energy and defense sectors, Russian President Vladimir Putin and other senior officials, as well as Moscow’s so-called shadow fleet of tankers used to circumvent Western sanctions.

It also gives US President Donald Trump authority to impose tariffs of up to 100 percent on major buyers of Russian oil and gas — including potentially China and India — in an effort to choke off revenue financing Moscow’s war.

People leave the Capitol Building in Washington on Wednesday.

Photo: AFP

However, the Indian Ministry of Foreign Affairs said that it “remains firmly committed to ensuring energy security for its 1.4 billion people.”

“It will continue to do so through diversified sourcing and on the basis of evolving market dynamics,” the ministry said.

Moscow is one of New Delhi’s most important strategic partners and military suppliers.

“The Indian side has also made clear its determination to take all necessary measures to protect its trade and economic interests,” the ministry said.

India has navigated the energy crisis caused by the US-Iran conflict in part by turning to Russia, despite Moscow’s war in Ukraine, and pressure from Washington and other Western capitals.

Putin and Indian Prime Minister Narendra Modi held talks in New Delhi last week ahead of a BRICS summit.

“This issue has been discussed at high levels in recent months with various US interlocutors,” the ministry said. “Its potential implications for not just the bilateral relationship, but also the international energy market have been very clearly articulated by the Indian side.”

Indian refiners nearly doubled crude imports from Russia to 2.25 million barrels a day in March — the weeks after the Middle East war erupted — helped by temporary US waivers.

Shipments hit a record 2.81 million in July, trade intelligence firm Kpler said, but have since dropped back to 2.07 million last month.

In Washington on Wednesday, US lawmakers approved the sanctions, sending the legislation to Trump.

The US House of Representatives passed the package by 262-159, giving a final congressional green light to the most substantial US legislative effort against Moscow since Trump returned to office.

Trump has said he will sign the measure, which sailed through the Senate in an 86-11 vote last month.