Foreign Secretary Vikram Misri said India's energy import decisions are driven by national interest, diversification and price stability, amid scrutiny of Russian oil imports, global market volatility
Recent Indian and US mid-sea operations have exposed a hidden system that allows sanctioned oil to bypass global restrictions through shadow tankers, false flags and offshore transfers
White House said in order that 'India has committed to stop directly or indirectly importing Russian Federation oil,' and that import tariffs on all Indian goods may be raised if it resumes purchases
Indian Oil, Bharat Petroleum and Reliance Industries are not accepting offers from traders for Russian oil loading in March and April, said a trader who approached the refiners
Discounts for ESPO Blend, delivered from the Pacific port of Kozmino to China, widened to nearly $9 a barrel to ICE Brent this week, from $7-$8 in recent months
The MEA said India is open to sourcing crude from Venezuela and other countries based on commercial viability, adding that energy security for 1.4 billion people remains its top priority
After India-US trade deal, Kremlin says India has always bought oil from many countries; Moscow sees India's plan to diversify oil supplies as nothing new or surprising
Donald Trump claimed India will buy Venezuelan oil instead of Iranian crude as Washington moves to cut Russia-linked oil trade and ease some sanctions on Venezuela
While New Delhi has 'made a lot of progress' on curbing buys of Russian crude, "it's hard for them" to completely wean off the supplies, said US Trade Representative Jamieson Greer
India will continue to look out for the best prices and best margins for its refiners, strategically changing its buying slate while also dropping Russian imports slightly, a Kpler analyst said
Shipping and production data show Russian crude exports since November exceeding available non-sanctioned supply, with Indian and Chinese refiners absorbing most of the excess flows
In a sign of the overall trend, Russia's oil exports recently fell to the lowest since August, as Moscow faced mounting difficulties in delivering barrels to key buyer India
Reliance last received Russian crude in December after securing a one-month US concession that allowed it to wind down dealings with the sanctioned Russian oil producer Rosneft
The Trump administration is weighing a Russia sanctions bill by Senator Lindsey Graham that would allow the US to impose tariffs of at least 500 per cent on countries that continue buying Russian oil
