NEW DELHI, April 18. /TASS/. The US extension of the period of sanctions relief for purchases of Russian oil is important but not critical for India's short-term energy security, India’s former Ambassador to Russia, and former Chairman of the UN Human Rights Council Advisory Committee Ajai Malhotra told TASS.

"The extension is important, but definitely not existential. This US waiver is about price stability," he said. According to Malhotra, this decision "provides short-term predictability to our refiners." "India has diversified its supply relationships, so availability of crude was not at risk. Still, the waiver allows us to continue accessing competitively priced Russian oil, which has helped moderate our import bill and domestic inflation," the former ambassador indicated.

Malhotra emphasized that even if this period were not extended, Indian refineries would not face a shortage of raw materials. "Our refiners have demonstrated their agility since 2022. The challenge would have been higher procurement costs and tighter refining margins, <...> not availability," he explained.

Malhotra recalled that "Russia has emerged as India's single largest supplier since 2022, at times accounting for 30-40% of our imports." At the same time, he emphasized that the Indian system "is globally integrated and commercially driven, not structurally locked into any one source."

According to the expert's assessment, the US extension of the sanctions relief has a stabilizing effect on the global market. "Russian crude flowing to major buyers like India prevents a tightening of global supply, which would push prices upward. It also sustains the re-routing of trade flows that has characterized the post-2022 market: Russian oil moving to Asia," Malhotra concluded.

On Friday, the US allowed until May 16 the conduct of operations for the sale, transportation, and unloading of crude oil and petroleum products of Russian origin loaded onto tankers before April 17.