Russian President Vladimir Putin has underlined Moscow’s willingness to provide “uninterrupted shipments of fuel” to India, as the U.S. pressures New Delhi to give up importing their oil.
Putin made the offer during a joint address with Indian Prime Minister Narendra Modi on Friday, part of his first visit to the country since Russia’s full-scale invasion of Ukraine in 2022, which triggered widespread sanctions.
The sanctions forced Russia to seek new customers for its exports. India has become the second biggest buyer of Russian crude oil, after China, with a report Finland-based Centre for Research on Energy and Clean Air showing India bought 38% of Russian crude exports in October.
In October, President Donald Trump sanctioned two of Russia’s largest oil companies, Rosneft and Lukoil. This followed a tariff of 25% on India for buying Russian oil in August. But India has to walk a tightrope because it has close ties to the U.S. while also relying on Russia for fuel and access to military hardware.
Putin questioned U.S. pressure on India in an interview to an Indian television channel on Thursday.
The United States still buys nuclear fuel from Russia for its own nuclear power plants, Putin said in the interview, adding: “If the U.S. has the right to buy our fuel, why shouldn’t India have the same privilege?”
While Trump has acknowledged that India has cut back its Russian oil imports, experts told CNBC that this may be a temporary trend.
Apart from crude oil, Russia’s Rosatom is also delivering reactors and reportedly fuel for India’s Kudankulam nuclear power plant in Tamil Nadu, which has a combined capacity of 6000MW.
India and Russia have an energy partnership, the Russian president said, adding that Moscow had been is reliable supplier of “oil, gas, coal and everything that is required for the development of India’s energy”.
Last month, India announced a “historic deal” with Washington, in which Indian state-owned oil companies signed a one-year deal to import around 2.2 million tonnes per annum of liquefied petroleum gas from the U.S.
Source: CNBC