India Open to Long-Term Energy Deals With Russia: Petroleum Minister

India was willing to enter "long-term energy solutions" with any willing partner which is able to deliver unsanctioned supplies at the "point of importation", Petroleum and Natural Gas Minister Hardeep Singh Puri said on Monday.

"For a developing country like us, ensuring availability of energy, and affordability is a paramount requirement," Puri told a press conference in New Delhi ahead of the third edition of the India Energy Week 2025, set to begin in the National Capital from Tuesday.

The comments were made in response to a question whether the latest sanctions by the US last month would affect India-Russia oil trade.

Puri asserted that Indian companies won't buy sanctioned oil and were following the G7 price cap.

"So far as Russia is concerned, lets be very clear. Even today, Europe is buying 25% of its gas from Russia. They are also buying other critical stuff, so let's not get there. Even at the height of the so-called problem, energy through the pipeline in Hungary was coming in [to Europe] without any problem. Energy [supplies] to Japan was coming in without a problem," the minister told the presser.

In response to another question on the outlook of India-Russia energy cooperation, Puri clarified that Indian tenders were open to all suppliers, and the nation would continue to purchase from the most cost-effective sources available in the market.

"It is a very dynamic situation. But we are open to import from all sources," Puri said.

He noted that India had in recent years diversified its oil suppliers, which have increased from 27 to 40 countries.

Indian policymakers take into account factors such as price advantages and proximity, which can lead to an increase in imports from some countries, while imports from others may decrease, the minister explained.

Puri said that Russia was one of the 10 countries which would be having a "country pavilion" at the India Energy Week.

The Energy Week would be the "first major global event" of the energy calendar and was poised to be the "most comprehensive and inclusive global energy gathering of the year," he underlined.

"The significance and importance of IEW’25 has grown considerably given the rapidly changing global political landscape since the start of this year. As countries seek to secure stable energy supplies while transitioning to sustainable and green energy sources, IEW’25 will serve as a pivotal meeting point for discussing these challenges and opportunities," the minister said.

Energy security, a just and orderly energy transition, collaboration, resilience, capacity-building, innovation, and digital advancements will be some of the major themes during the four-day Energy Week, Puri emphasised.

Indo-Russian Relations

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