Oil Trade Crossfire: India Denies Russian Oil 'Laundromat' Allegations

In a direct rebuttal to White House trade adviser Peter Navarro's accusations, Oil Minister Hardeep Singh Puri dismissed claims that India is acting improperly by purchasing Russian oil post-Ukraine war. Puri emphasized India's adherence to international norms while arguing that its energy trade has played a vital role in steadied global markets.

Navarro's remarks portrayed India as a profiteer benefiting from Western sanctions on Russian oil. However, Puri contends that India's robust trading history, as the world's fourth-largest petroleum exporter, pre-dates Russia's Ukraine invasion and remains unchanged in terms of volumes and profitability.

Further contesting Navarro's stance, Puri clarified that Russian oil is currently under a G-7/European Union price cap, intended to cap revenues while ensuring the oil market remains stable. The Oil Minister asserted that each Indian transaction has been compliant with legal and international standards, helping to avoid global price inflation.

(With inputs from agencies.)