Global Energy Dynamics: Hardeep Singh Puri on Russian Oil and Sanctions

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, addressed concerns over sanctions on Russian crude oil, stating that no such measures are in place, and emphasized the severe consequences if these supplies were disrupted.

Puri's remarks came as the US imposed additional tariffs on India for its oil and arms purchases from Russia, during ongoing trade negotiations between the two nations. Stressing Russia's role as a leading crude supplier, he warned of significant global impacts if its oil exports were curtailed.

He explained that energy consumption could be drastically affected if Russia, the world's second-largest crude supplier, is sidelined. The minister also pointed out the geopolitical intricacies involving countries like Turkey, Japan, and the European Union in this context. Puri urged Indian companies to capitalize on buying opportunities when feasible, while noting that Russian oil discounts are currently not substantial.