'India Under No Pressure To Stop Buying Russian Oil': Minister Hardeep Puri

 Union Petroleum Minister Hardeep Singh Puri on Tuesday denied that India was under any pressure to stop buying Russian oil.

Indian refiners would purchase crude from suppliers offering the most competitive prices as the country prioritises energy security amid global market uncertainties, he said.

India was not particularly buying Russian oil at present, but the decisions in this regard were guided by commercial considerations rather than pressure from any country, he added.

"I have never felt any pressure," Puri said during an interaction at the 29th Energy Technology and Innovation Meet which began here on Tuesday.

"At the point of negotiation, whoever is supplying a particular grade, we will buy from them. Prices come down sometimes," he said.

The minister's remarks come amid international scrutiny of India's purchases of Russian crude, and Western efforts to curb Moscow's oil revenues following Russia's invasion of Ukraine.

Referring to the restrictions imposed on two Russian entities, Rosneft and Lukoil, Puri said buyers could source oil from other suppliers, including those in the United Arab Emirates (UAE).

India had diversified its energy investments and sourcing, he said, mentioning investments in Saudi Arabia and other locations.

India, as a major energy-consuming nation, could not compromise on its energy security amid geopolitical developments and volatility in international markets, the Union minister stressed.

Puri also pointed out the complexity of global oil and petroleum-product trade, saying procurement decisions involved several commercial and supply considerations.

India's approach was guided by the need to ensure reliable supplies while managing costs for consumers and the broader economy, he added.

Puri also questioned the logic of treating India's oil purchases as a matter of external pressure, reiterating that procurement decisions would depend on the terms offered by suppliers. 

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