India’s legitimate energy transactions should not be politicised and countries self-sufficient in oil or those themselves importing from Russia cannot credibly advocate restrictive trading, government sources said on Friday.
The assertion came amid some criticism against India over its position that it is open to buying discounted crude oil from Russia.
Sources said the jump in oil prices following the Ukraine conflict added to India’s challenges and pressure for competitive sourcing has naturally increased.
They said Russia has been a marginal supplier of crude oil to India and it is less than 1 per cent of the country’s requirement, adding there is no government-to-government arrangement for the import. “India has to keep focusing on competitive energy sources. We welcome such offers from all producers. Indian traders too operate in global energy markets to explore best options," said a source.
Russia has offered discounted crude oil in the wake of the Western sanctions on it following its military aggression against Ukraine.
External Affairs Ministry Spokesperson Arindam Bagchi on Thursday did not rule out buying discounted crude oil from Russia saying India looks at all options at all points of time as a major importer of oil.
“India does import most of its oil requirements, it's met by imports. So we are always exploring all possibilities in global energy markets because of this situation that we face of importing our oil requirements,” he said at a media briefing.
Bagchi said Russia has not been a major supplier of crude oil for India. “Let me just highlight that a number of countries are doing so, especially in Europe, and for the moment, I will leave it at that.
“We are a major oil importer and we are looking at all options at all points, we need the energy,” he said.
Asked whether the purchase can be made under the rupee-rouble arrangement, Bagchi said he was not aware of the exact details on the offers. He said doing business in currencies rupee and ruble were in existence in past and that he was not aware of its current status.
Concerned over worsening humanitarian situation in Ukraine: India at UNSC
India, which ensured the safe return of about 22,500 of its citizens from Ukraine, also assisted in the evacuation of nationals from 18 other countries, India's top envoy at the UN has said, as he voiced concern over the deteriorating humanitarian situation in the war-torn country.
Speaking at the UN Security Council briefing on Ukraine on Thursday, Tirumurti said there was an "urgent need” to address the humanitarian needs of the affected population.
He underscored that it is important that humanitarian action is always guided by the principles of humanity, neutrality, impartiality and independence. "These measures should not be politicised,” he asserted. “India continues to remain deeply concerned at the ongoing situation, which has progressively deteriorated since the beginning of the hostilities. The conflict has resulted in the death of civilians; displacement of thousands of people internally and the outflow of more than three million refugees to neighbouring countries. The humanitarian situation has worsened, particularly in the conflict zones,” Tirumurti said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU