Lunes Sep 1 2025 09:20
2 min
Indian Oil Minister Hardeep Singh Puri stated in The Hindu that India was not “profiteering” from Russian oil imports. He argued that its purchases actually stabilized the market and prevented oil prices from soaring as high as $200 per barrel.
The United States has targeted India for its purchase of Russian oil, with US officials suggesting that India was taking advantage of discounted prices and then reselling refined products at higher prices. Some US advisors have also claimed that India's purchases were funding Moscow.
In an op-ed, Puri refuted these accusations, stating that claims that India had become a “laundry” for Russian oil were “far from the truth.” He clarified that India took advantage of the opportunity to secure oil at reduced prices after European countries and the United States shunned Russian oil following sanctions imposed in response to the conflict in Ukraine in February 2022.
Puri pointed out that Russian oil has never been subject to the same sanctions as Iranian or Venezuelan crude. Instead, it is subject to a price cap imposed by the G7 and the EU, a system designed to limit Russian revenue while maintaining oil flow to the market.
He emphasized that every Indian oil transaction uses “legitimate shipping and insurance, compliant traders, and audited channels.” He added:
India has not broken any rules. India has stabilized the market and prevented the global price spiral. The larger truth is that the world's second-largest producer supplies nearly 10% of the world's oil, which is irreplaceable.
Analysis:
India's position reflects its pursuit of economic interests amidst complex geopolitical circumstances. By purchasing Russian oil at discounted prices, India has been able to meet its energy needs at affordable rates, which is crucial for its growing economy. At the same time, India emphasizes its commitment to international rules and non-violation of sanctions imposed on Russia.
It is important to note that oil prices are influenced by multiple factors, including supply and demand, political situations, and geopolitical events. Therefore, India's role in stabilizing the market is part of a larger picture and cannot be considered the sole influencing factor.
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