Russia is prepared to supply India with an unlimited quantity of oil to meet its energy demands, according to Denis Alipov, Russia's Ambassador to India. Alipov strongly criticized proposals for intensified sanctions on Russian oil sales, labeling them as 'pressure tactics' aimed at New Delhi.
Speaking to news agency ANI, Ambassador Alipov stated, "We would be ready to supply as much oil as India needs." He lamented that nations imposing sanctions have opted for coercive measures over genuine cooperation, thereby hindering their ability to offer competitive oil deals to India compared to Russia.
India's Growing Russian Oil Imports
India significantly increased its imports of Russian crude oil, making Russia its largest source in July. During that month, Russia accounted for a record 50.83% of India's total crude imports, amounting to 2.47 million barrels per day. This represented a 62.4% increase in Russian oil imports compared to the previous year.
US Sanctions Push and Global Impact
The ambassador's comments come amidst a push for new US sanctions targeting major buyers of Russian crude and natural gas. A bill, which passed the US Senate, proposes giving the President authority to impose 100% tariffs on the top five countries aiding Russia in evading energy sanctions. China, India, and Turkey are identified as the largest purchasers of Russian petroleum products, potentially facing these tariffs.
However, the bill faces considerable opposition in the House of Representatives and is expected to remain stalled, at least until the midterm elections. Concerns include expanding presidential tariff authority and the potential for increased global oil prices. Washington argues that curbing Russian oil exports is crucial to diminishing the Kremlin's war funding in Ukraine, as Russia's budget relies heavily on energy sales.
Alipov emphasized India's proven ability to defend its national interests. "India has shown that it's able to stand its ground and defend its national interests," he noted, highlighting that the interests related to Russia-India oil cooperation are paramount for India.
The ambassador also warned of severe disruptions to global energy markets if Russian oil were to be excluded. "The world will not cope if Russian oil is excluded. The energy markets cannot afford that," Alipov asserted. He confirmed Russia's continued interest in supplying oil to India, matching India's interest in purchasing it.
These developments follow recent high-level meetings between Russian President Vladimir Putin and Indian Prime Minister Narendra Modi at the Shanghai Cooperation Organisation summit, with another meeting scheduled for the BRICS summit in India.