India’s legitimate energy transactions should not be politicized, say government sources

New Delhi: India’s legitimate energy transactions should not be politicized and countries that are self-sufficient in oil or that import from Russia themselves cannot credibly advocate restrictive trade, government sources said on Friday.
The statement comes amid some criticism over India’s stand to buy subsidized crude oil from Russia.
Sources said the jump in oil prices after the Ukraine conflict has added to India’s challenges and the pressure for competitive sourcing has naturally increased.
He said that Russia has been a minor supplier of crude oil to India and it is less than one percent of the country’s requirement, there is no government-to-government arrangement for imports.
A source said, “India will have to focus on competitive energy sources. We welcome such offers from all producers. Indian traders also work in global energy markets to find out the best options.”
Russia has offered a rebate in crude oil in the wake of Western sanctions on Ukraine following a military offensive.
External Affairs Ministry spokesman Arindam Bagchi on Thursday did not rule out purchase of subsidized crude oil from Russia and said that India as a major importer of oil is considering all options at all times.
He said in a media briefing, “India imports most of its oil requirements, it is met through imports. So we are always exploring all possibilities in the global energy markets because due to this situation we are facing import of our oil requirements. are doing.”
Bagchi said that Russia has not been a major supplier of crude oil to India.
“I would only highlight that many countries are doing this, especially in Europe, and for the time being, I will leave it at that.
“We are a major oil importer and we are looking at all options at all points, we need energy,” he said.
Asked whether purchases can be made under the rupee-ruble arrangement, Bagchi said he was not aware of the exact details of the offers.
He said that trading in Rupee and Ruble currencies existed in the past and he was not aware of its present status.