Minister states India ‘contributed to global stability’ by purchasing Russian oil
(MENAFN) India’s petroleum minister, Hardeep Puri, has defended the country’s continued purchases of Russian oil, stating they serve both India’s domestic energy needs and contribute to maintaining stability in global oil prices. Speaking to CNBC on Thursday, Puri emphasized that India’s trade with Russia should not be viewed as controversial, despite ongoing criticism from Western media since 2022.
“We have successfully navigated global energy challenges and will continue to do so,” Puri said. Responding to a question about whether India’s purchases were indirectly funding Russia’s military actions, Puri — a former diplomat — stressed: “Our priority is the Indian consumer, and we will buy from any source necessary to meet our needs.”
He also noted that the United States did not object to India purchasing Russian oil. “Had buyers stopped purchasing Russian crude at that time, oil prices could have spiked to $130 per barrel. In fact, even our friends in the US encouraged us to buy Russian oil within the price cap,” Puri explained.
According to Puri, India’s imports have helped stabilize global oil prices and supported the broader global economy. He highlighted that Russia currently supplies 38% of India’s oil, while India also purchased $15 billion in energy from the US last year.
India’s dealings with Russia have recently drawn renewed criticism from Washington. Republican Senator Lindsey Graham has introduced a bill proposing a 500% tariff on countries trading with Moscow.
Indian Foreign Minister S. Jaishankar responded by affirming India’s commitment to safeguarding its energy security. Speaking in Washington, he said India had conveyed its concerns over the proposed legislation to US officials.
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