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India may reduce Russian oil imports by 50%: Ex-Foreign Secretary makes big claim ahead of Putin’s visit
Kanwal Sibal, the former Foreign Secretary and India’s Ambassador to Russia, said in an interview that India may reduce Russian oil purchases by 50 per cent, even as New Delhi will enhance cooperation with Moscow in areas such as pharmaceuticals and IT.
His comments come ahead of Russian President Vladimir Putin’s upcoming visit to New Delhi on December 4-5 for the 23rd India-Russia Annual Summit, as the threat of US sanctions on Moscow pushes India to reduce oil purchases from the country by around 50 per cent.
We will be gradually reducing oil purchases from Russia…Already there is a reduction, and there’ll be more reduction. It will be more like a 50 per cent reduction. But some oil will still come,” the former Foreign Secretary of India said in an interview with ABP News.
Sibal, who is currently the Chancellor of Jawaharlal Nehru University (JNU), added that both countries will focus mainly on how to skirt US sanctions, as Russia is aware that India will gradually reduce its crude oil purchases.
He added that India will have to diversify its oil suppliers, since Indian public and private sector companies, as well as banks, would not want to attract US sanctions.
“On oil purchases, certainly we will have to diversify because our companies, both public and private sector and our banks will be loath to attract US sanctions and therefore there will be a steady fall in our orders. Though some oil will still flow through the spot market but it will be much-reduced volumes. Russia also understands that.”
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