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Key Points

India has strategically expanded its oil import sources to 40 countries, reducing dependency risks. Petroleum Minister Hardeep Puri remains confident despite US threats of secondary sanctions over Russian oil purchases. He highlights how India-Russia trade prevented global oil prices from soaring past $130/barrel. The minister emphasizes market stability through diversification while adhering to non-sanctioned supply chains.

Key Points: India Buys Oil From 40 Nations Unfazed by US Russia Sanctions

  • India sources oil from 40 nations vs 27 in 2007
  • Puri dismisses US sanctions threat on Russian oil imports
  • Russian oil stabilized global prices during Ukraine war
  • India's Russia imports rose from 0.2% to 40% post-2022
3 min read

India buys oil from 40 nations, not worried by US rider on Russian oil: Hardeep Puri

Hardeep Puri says India's diversified oil imports from 40 countries shield it from US threats over Russian oil purchases amid global market stability.

"There is a lot of oil available in the market... We have diversified our sources – Hardeep Puri"

New Delhi, July 17

Union Minister of Petroleum and Natural Gas Hardeep Singh Puri on Thursday said India has diversified its sources for buying oil in the global market, due to which the government is not “unduly worried” over any US crackdown on Russia’s oil exports.

Speaking at the Urja Varta 2025, the minister said India currently buys oil from 40 nations, as compared to 27 countries in 2007, and the global market is well-supplied.

“There is a lot of oil available in the market. Iran and Venezuela are currently under sanctions. But are they going to be under sanctions forever? Many countries, including Brazil, Canada and others, are ramping up output. I am not unduly worried about supplies as of now. We have diversified our sources,” Puri said.

The minister’s statement came against the backdrop of US President Donald Trump announcing that secondary sanctions would be imposed on countries buying Russian oil.

On July 15, Trump had threatened to impose serious trade restrictions on Russia unless a peace deal with Ukraine is reached within 50 days. Trump said US tariffs on Russian exports would be increased to 100 per cent, while also threatening to impose secondary sanctions on countries such as India and China that buy oil from Russia.

On Trump’s threats, Puri said, “I have heard these threats. Some statements are made to ensure two disputants settle an issue.”

Puri further stated that India’s oil purchases from Moscow had played an important role in stabilising prices in the global market.

He said crude oil prices could have skyrocketed to $130 per barrel in the absence of India-Russia oil trade when the Ukraine war began in 2022.

Prior to the Russia-Ukraine war, India used to buy a mere 0.2 per cent of its crude imports from Moscow. This, today, stands close to 40 per cent.

The minister said that Russian crude was always under a price cap of $60 per barrel but never under sanctions. India continues to stay firm on its stance of not buying crude oil from a country which is under sanctions, said Puri.

“Russia is one of the largest crude producers with over nine million barrels/day. Imagine the chaos if this oil, amounting to about 10 per cent of the global oil supply of around 97 million, vanished from the market. It would have forced the world to reduce its consumption, and since the consumers would be chasing reduced supplies, the prices would’ve spiralled to over $120-130,” Puri said earlier this month.

- IANS

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Reader Comments

S
Sarah B
As an expat in India, I find this pragmatic approach refreshing. The US can't expect developing nations to bear the brunt of geopolitical conflicts while they continue buying Russian uranium themselves.
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Ananya R
While I understand the economic benefits, shouldn't we also consider the ethical implications? Buying Russian oil indirectly funds their war machine. There has to be a middle path.
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Vikram M
Puri ji is absolutely right! 40 countries is brilliant diversification. Remember when we were dependent on Middle East? Now we have options. This is real economic diplomacy at work.
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Kavya N
The US threatens sanctions but forgets they buy 10x more Russian goods than India. Hypocrisy much? We should focus on our national interest first. Petrol prices are already too high for common people.
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Michael C
Interesting perspective from India. In the West we're told all Russian oil trade is bad, but seeing how this actually helped stabilize global prices makes me question our narrative.
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Priya S
Hope our government continues this balanced approach. We can't afford expensive oil - it affects everything from vegetables to bus fares. But we should also invest more in renewable energy for long term.

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