India’s Role in Stabilizing Global Oil Markets Amidst Russian Imports Controversy
India's oil minister, Hardeep Singh Puri, defends the country's Russian oil imports, asserting that they stabilize global pricing rather than profiteer. Amid criticism from U.S. officials and accusations of funding Russia's war, Puri claims all transactions are lawful, emphasizing India's vital role in global oil supply.
In a recent statement, India's oil minister, Hardeep Singh Puri, has dismissed claims that the country is profiteering from importing Russian oil. Speaking to The Hindu newspaper, Puri argued that India's purchases play a crucial role in stabilizing oil markets, preventing prices from soaring to unnecessary levels.
The United States has criticized India's increased Russian oil imports, citing concerns over economic implications amid ongoing geopolitical tensions. Notably, U.S. Treasury Secretary Scott Bessent accused India of buying discounted Russian oil and reselling refined fuel at higher prices. Meanwhile, White House trade adviser Peter Navarro has raised alarms over the potential funding of Moscow's military efforts in Ukraine.
Puri countered these allegations, stating that India is following all legal avenues in its transactions, involving compliant shipping and insurance practices. He insists that India is not violating international regulations as the country ensures oil remains in circulation while participating in the G-7/European Union's price cap system, which avoids blocking Russian oil supplies outright.
(With inputs from agencies.)
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