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India Says it Should Be Applauded for Buying Russian Oil
India Says it Should Be Applauded for Buying Russian Oil
Sputnik India
India's Petroleum Minister Hardeep Singh Puri has warned that sanctioning Russian oil would lead to global crude prices "skyrocketing" to $130-$140 a barrel.
2025-07-17T13:08+0530
2025-07-17T13:08+0530
2025-07-17T13:08+0530
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India’s Petroleum and Natural Gas Minister (MoPNG) Hardeep Singh Puri said on Thursday that the country should be lauded by the global community for purchasing Russian oil, warning that crude prices would likely "skyrocket" if Russian supplies were removed from the global market.Puri was responding to a question about the US and North Atlantic Treaty Organisation's (NATO) threats of "secondary sanctions" against China, India and Brazil if these countries continued to buy Russian energy at the expiration of President Donald Trump's "50-day deadline".The Indian minister said that sanctioning Russian supplies, as envisaged by NATO and the US, would lead to two possibilities."The whole world consumes 10% less. Some people won’t get heating in winter, some won’t get AC in summer, some people won’t get transport. So, 10% consumption reduction is not an easy thing. Or the other thing is that you start buying more from the remaining 90%. You know what that would do to prices. The prices which were here will skyrocket," Puri explained.He stated that Russian oil has never been subjected to any sanctions, but only to a "price-cap".He said that India was only buying Russian energy as it had started to become available, which the government has said is in interest of India's "energy security"."I buy $20 billion worth of energy from a particular source. They are global actors. Am I going to be blamed for being responsible for some of their actions? No. Equally, I buy energy from Russia. If Russia carried out an operation somewhere else, I am sure.. when I started buying, it was a consequence that energy became available," he stated.Puri emphasised that India has maintained a "navigational resilience" in dealing with turbulence in the global energy markets.During the conversation, Puri also noted the double-standards of the EU in asking India to cut off Russian energy imports, while it still continued to buy them.He also noted that Turkiye, China and Brazil ranked as big buyers of Russian oil products.
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India Says it Should Be Applauded for Buying Russian Oil
India's Petroleum Minister Hardeep Singh Puri has warned that sanctioning Russian oil would lead to global crude prices "skyrocketing" to $130-$140 a barrel.
India’s Petroleum and Natural Gas Minister (MoPNG) Hardeep Singh Puri said on Thursday that the country should be lauded by the global community for purchasing Russian oil, warning that crude prices would likely "skyrocket" if Russian supplies were removed from the global market.
Puri was responding to a question about the
US and
North Atlantic Treaty Organisation's (NATO) threats of "secondary sanctions" against
China,
India and
Brazil if these countries continued to buy Russian energy at the expiration of President Donald Trump's "50-day deadline".
“In the next two decades, the 25% global growth in oil demand is going to come from India. So today, Russia is one of the main suppliers. They produce about 9 billion barrels of oil a day. That is about 10% of global production and consumption per day," Puri told a fireside chat at Urja Varta, a flagship event of India's upstream oil and gas industry, organised at New Delhi's Bharat Mandapam on Thursday.
The Indian minister said that sanctioning Russian supplies, as envisaged by NATO and the US, would lead to two possibilities.
"The whole world consumes 10% less. Some people won’t get heating in winter, some won’t get AC in summer, some people won’t get transport. So, 10% consumption reduction is not an easy thing. Or the other thing is that you start buying more from the remaining 90%. You know what that would do to prices. The prices which were here will skyrocket," Puri explained.
The minister said that according to his own analysis, prices could hit $130-$140 a barrel in such a scenario.
"We should be applauded for buying Russian oil," Puri asserted.
He stated that Russian oil has never been subjected to any sanctions, but only to a "price-cap".
"I have no hesitation in admitting that I am happy to buy under a price cap. The price cap makes me get the oil cheaper. But anyway, I have a simple system. My OMCs (Oil Marketing Companies) are sitting here, they float tenders for an import. Whoever can supply a particular grade of crude at the point of time, who’s the cheapest, they will be awarded the tender," the Indian minister explained.
He said that
India was only buying Russian energy as it had started to become available, which the government has said is in interest of India's "energy security".
"I buy $20 billion worth of energy from a particular source. They are global actors. Am I going to be blamed for being responsible for some of their actions? No. Equally, I buy energy from Russia. If Russia carried out an operation somewhere else, I am sure.. when I started buying, it was a consequence that energy became available," he stated.
At the same time, Puri said that the Indian government wasn't "unduly worried" about the threats on Russian oil by western leaders.
“We will cross the bridge when it comes to it. But we are not unduly worried, because we have enough oil on the market,” he said.
Puri emphasised that India has maintained a "navigational resilience" in dealing with turbulence in the global energy markets.
During the conversation, Puri also noted the
double-standards of the EU in asking India to cut off Russian energy imports, while it still continued to buy them.
"Coming to Russian LNG, the EU is the largest buyer, purchasing 51% of Russia’s LNG exports, followed by China and Japan. The EU was the largest buyer, purchasing 37% of Russia’s pipelined gas, followed by China and Turkiye," he pointed out.
He also noted that Turkiye, China and Brazil ranked as big buyers of Russian oil products.
“They buy more in one afternoon than I buy in one quarter,” the Indian minister commented.
