Prime Minister Narendra Modi, in an exclusive interview with Aaj Tak, openly stated that India has been transparent about purchasing oil from Russia at a lower cost. He made it clear that he has never concealed this information from other countries, including the United States.
“If my country requires oil from Russia, I will acquire it without secrecy. I inform America by stating that my country needs affordable petrol. Therefore, I do not hide this fact and adhere to my country’s regulations during my tenure,” PM Modi expressed.
It is important to note that India’s imports of Russian oil reached a nine-month high in April due to disruptions in Russian refining capacity caused by Ukrainian drone attacks. This led Russian oil producers to increase the supply of discounted crude for export, as evidenced by vessel tracking data and industry analyses.
Indian refineries collectively imported 1.96 million barrels per day (bpd) of Russian crude oil in April, the highest volume since July of the previous year—a nearly 19% increase from March’s import levels, according to provisional ship-tracking data from Kpler, a commodity market analytics firm.
In April, Russia accounted for 40.3% of India’s 4.86 million bpd crude oil imports, marking the first time in seven months that Moscow’s share exceeded 40%. Russia’s share had declined to around 33% in the previous four months from a peak of almost 46% in May 2023, according to data.
Interestingly, India’s spike in imports of Russian crude occurred despite the recent US sanctions against Russia’s oil shipping syndicate.
Earlier this week, US Ambassador to India Eric Garcetti clarified that Washington encouraged India to purchase Russian oil at discounted prices to manage the rising cost of the essential commodity and limit Russia’s financial backing amidst the conflict in Ukraine.
During an interview with a channel, the US Ambassador stated: “We acknowledged that oil was crucial for all economies,” responding to a query about the US’s desire for India to continue buying Russian oil.
“No, I would like to reiterate that this is not just a stance taken by the US but by the global community in response to this aggressive, unprovoked war violating international borders. We recognised the necessity of oil for all economies and all people, and it was not just India but all countries should strive to purchase at a lower price to prevent the Russian nation from further funding the war against the Ukrainian people,” Garcetti explained.
