India seeks US approval to keep purchasing Russian oil — Bloomberg
Photo: India asks the US to extend the exemption for Russian oil imports (Getty Images)
India has asked the US to extend a special exemption allowing it to import Russian oil, which is set to expire on May 16. The reason is that the war in the Middle East is dragging on, according to Bloomberg.
According to the agency’s sources, New Delhi has asked Washington to extend the sanctions exemption allowing the purchase of Russian oil.
India emphasizes that the continued blockade of the Strait of Hormuz and overall market volatility pose risks to the country’s energy security.
"Indian officials have warned Washington that supply remains a priority due to continued volatility in the oil market, which will have wide consequences, including an impact on Indians struggling with a cooking gas shortage," Bloomberg reports.
Washington first granted such an exemption in March and later extended it until May 16, while attempting to curb the rise in global oil prices.
Although Russian oil is not formally subject to general sanctions, the US had previously urged India to cut purchases to increase pressure on Russia over the war against Ukraine.
Meanwhile, India’s Ministry of Petroleum, the country’s Ministry of External Affairs, and the US Department of the Treasury have not yet provided comments to journalists.
Background
As recently reported by the media, Indian refiners are trying to make the most of the time remaining before the US sanctions exemption for Russian oil expires. They are also expanding their supplier base due to the consequences of the US and Israel’s war against Iran.
In May, daily oil shipments to India had already reached a record 2.3 million barrels.
India is one of the countries hardest hit by the blockade of the Strait of Hormuz, a key route for global energy supplies.
Amid energy shortages, Prime Minister Narendra Modi has urged citizens to conserve fuel as much as possible and reduce consumption of goods that require significant foreign exchange expenditures.
Meanwhile, the Indian government is trying to balance the needs of the domestic market with the US sanctions policy.
