Kamal Ghorui
NEW DELHI: India never stopped sourcing crude from Russia, government sources said on Saturday, despite US President Donald Trump’s linking the withdrawal of a 25% penalty tariff in the proposed trade deal framework to New Delhi’s purported pledge to halt such purchases. Sources said India has never depended on permission from any country to buy Russian oil, and Russia continued to be its largest crude supplier in February. They added that India’s energy procurement decisions are guided by the principle of “national interest”. “We source crude from wherever supplies are available, competitively priced and deliverable, and we will continue to do so,” a government source said.Declaration of a “30-day waiver” by top US officials for India to buy Russian oil was, sources said, meant for their domestic audience.
Hormuz not sole route, only 40% of India’s crude imports pass through it, says officialThis has been our consistent position across administrations and geopolitical cycles,” a government source said, adding that every decision made by government in the petroleum sector is guided by three criteria: affordability, availability and sustainability. US treasury secretary Scott Bessent said late Thursday that the Trump administration had granted a temporary 30-day waiver allowing Indian refiners to purchase Russian oil stranded at sea so that supplies continue flowing into the global market and ease the pressure caused by Iran’s blockade of the Strait of Hormuz.US energy secretary Chris Wright also said later that, Washington had sounded India on purchase of excess Russian barrels floating around South Asia. Government sources said the 30-day waiver merely removes a friction point that was not in any party’s interest to sustain. Officials said during three years of the Russia-Ukraine war since 2022, India continued buying oil from Moscow due to deep discounts it was offering and refinery demand despite objections from the US and the European Union.Suggesting that a short-term waiver enabled these purchases overlooks the fact that the trade has continued consistently.India’s crude imports from Russia in February were a little over 1 million barrels a day (mbd), nearly 20% of its total purchases, compared with 1.1 mbd in Jan and 1.2 mbd in Dec.Officials also said India has expanded its supplier base from 27 to 40 countries, and its energy security is no longer tied to conditions at a single maritime chokepoint such as the Strait of Hormuz. “The Strait of Hormuz is not the only route for India’s crude imports. Only around 40% of India’s crude imports pass through Hormuz, while about 60% are routed through other supply corridors that remain unaffected,” an official said.Government sources said India holds over 250 million barrels (nearly 4,000 crore litres) of crude oil and refined petroleum products, translating into 7-8 weeks of buffer coverage across the supply chain.
