An Indian government official said Friday that the state-run Indian Oil Corp. bought 3 million barrels of crude oil from Russia earlier this week to meet its energy needs, defying Western efforts to avoid such purchases.
Despite appeals from the US and other nations, India has not placed sanctions against importing oil from Russia and would be looking to buy more from Russia, according to the official.
India is being urged by the United States, the United Kingdom, and other Western countries to refrain from purchasing Russian oil and gas. According to Indian media sources, Russia is offering a 20% discount on oil purchases compared to global benchmark pricing.
Prices have risen sharply in recent weeks, putting a strain on countries like India, which imports 85 percent of its oil. As the economy rebounds from the pandemic’s damage, demand is expected to rise 8.2 percent to 5.15 million barrels per day this year.
Jennifer Psaki, the White House press secretary, said earlier this week that while Indian purchases of Russian oil would not breach US sanctions, India should “consider where you want to stand when history books are written.”