New Delhi:
India is not “speculative” by Russian oil imports and its markets have stabilized markets, while keeping prices to rise to $ 200 a barrel, Hardep Singh Puri, the country’s oil minister, in the Hindu newspaper on Monday.
The US has targeted India for its Russian oil markets, with President Donald Trump imposing tariffs on Indian exports in the US to discourage the country’s crude market.
Finance Minister Scott Bessent accused India of speculation by importing Russian oil at lower prices and then reselling refined fuels with a higher rate. White House Commerce Advisor Peter Navarro said Indian markets funded the Moscow war in Ukraine.
“Some critics claim that India has become a” washing machine “for Russian oil. Nothing could be more than the truth,” Puri wrote in a constitution.
Puri’s comments come as Prime Minister Narendra Modi meets Russian President Vladimir Putin in China at a regional summit.
India has emerged as the largest buyer of the Russian marine oil. The country has benefited from oil discounts, as Russia has called for new buyers after European countries and US released markets and imposed sanctions on Moscow for its invasion of Ukraine in February 2022.
“Russian oil has never been approved like the crude of the Iranian or Venezuelan, is under a G-7/European Union priced prices system, deliberately designed to keep the oil flowing while covering revenue,” Puri said.
He said that every Indian oil transaction is done using “legal shipping and insurance, compliance traders and controlled channels”.
“India has not broken the rules.
“The biggest truth is this – there is no substitute for the second largest producer in the world that provides almost 10% of world oil,” he added.
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