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Kremlin says decline in India’s Russian oil imports likely to be temporary
A recent decline in India’s imports of Russian crude oil might last only for a short period, Kremlin spokesperson Dmitry Peskov said, according to Reuters. He told Indian journalists that Moscow plans to increase supplies to New Delhi even as Western sanctions pressure.
India, the world’s third-largest oil importer, has been the biggest buyer of Russian seaborne crude. Purchases are expected to fall to a three-year low this month after the United States sanctioned Russia’s top oil producers, Rosneft and Lukoil.
Peskov said Russia remains a key energy supplier for India and called for trade mechanisms that are insulated from third-country restrictions. He added that Russia has experience operating under sanctions and sees scope for continued cooperation.
Several Indian refiners, including Mangalore Refinery and Petrochemicals, Hindustan Petroleum Corporation and HPCL-Mittal Energy, have halted purchases of Russian crude linked to sanctioned entities.
State-run Indian Oil Corporation has placed orders with non-sanctioned suppliers, while Bharat Petroleum Corporation is in advanced negotiations for additional volumes
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