India is exploring options to buy crude oil from Russia at a discounted rate to reduce inflationary pressures triggered by the Russia-Ukraine crisis, authorities said on Tuesday, 15 March, reported AFP.
The United States has reacted to the development, saying, "Support for the Russian leadership is support for the invasion."
Speaking in Parliament on Tuesday, 15 March, Oil Minister Hardeep Singh Puri had said that the government had been holding discussions at the "appropriate level of the Russian federation" regarding the purchase of oil.
"Discussions are currently underway. There are several issues to be considered, like how much oil is available," he said.
The government, he added, was weighing in on issues, like availability of ships, insurance, freight, and payment process.
'Think About Where You Want to Stand When History Books Are Written': US
Speaking at a media conference on Tuesday, Jen Psaki, the press secretary of the White House, said:
"Think about where you want to stand when history books are written at this point in time. Support for the Russian leadership is support for the invasion that is obviously having a devastating impact."
Historically, India has had both diplomatic and defence ties with Moscow. The country had also hosted Vladamir Putin's rare overseas trip last year. Although India has called for the end of violence in Ukraine, it has abstained from condemning the invasion.
When the United Nations Security Council (UNSC) had on 27 February called for an emergency session of the UN General Assembly in view of the Russian war against Ukraine, India abstained from voting in favour of the special session, even as it asserted its support for peace talks.
Russia being the world's second-largest crude oil exporter, several countries, including European nations, are heavily dependent on its fuel.
The Washington embargo has asked potential buyers to shun oil from Russia. However, with the Russia-Ukraine conflict sending oil prices upwards, the government is looking to buy cheap oil from Russia to cut down its surging energy bills.
As of now, government data shows that India, which is the world's third-largest crude oil importer in the world, buys only around three percent of Russia's oil.
Media reports have indicated that the country is also in the process of setting up a rupee-rouble trade mechanism for making payments of the goods it purchases, including oil.
(With inputs from AFP.)
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