Hardeep Singh Puri emphasised that Russian oil was not subject to sanctions, but only a price cap, which he assured Indian entities had adhered to.
India’s decision to buy oil from Russia amid global uncertainties helped avert a potential spike in global oil prices, Union petroleum and natural gas minister Hardeep Singh Puri said in a post on social media platform X on Thursday.
“India did the entire world a favour by buying Russian oil because if we had not done so, the global oil prices would have skyrocketed to $200/barrel,” Hardeep Singh Puri wrote.
The Union minister emphasised that Russian oil was not subject to sanctions, but only a price cap, which he assured Indian entities had adhered to. He also pointed out that European and Asian countries had also engaged in significant energy purchases from Russia, stating, “Let us not forget that while some ill-informed commentators talked about putting restrictions on India, many other European and Asian nations bought much more crude oil, diesel, LNG, rare earth minerals worth billions of dollars from Russia.”
The minister further highlighted India’s commitment to sourcing energy at the best rates available. “We will continue to buy energy from whoever offers the best rates to our oil companies. That’s the confidence of PM Narendra Modi Ji’s leadership,” Puri noted, adding that ensuring “steady availability, affordability, and sustainability of energy” for India’s citizens remains a top priority.