NEW DELHI, May 18. /TASS/. Russian oil will continue to flow into India, notwithstanding US sanctions waivers, Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, told a news conference.
"Regarding the American waiver on Russia, I would like to emphasize that we purchased from Russia <…> before the waiver, during the waiver, and now also. It's about commercial interests, which remain the basis for purchases by oil companies," she said.
"Waiver or no waiver, it will not affect <…> our supplies, and all efforts have made to ensure this," the official noted, adding that in India "there is no shortage of crude, the reserves are there."
In March, US authorities lifted sanctions on the sale of oil and petroleum products from Russia loaded onto vessels before that date. The waiver was subsequently extended and expanded later. Washington took this step amid a surge in oil prices due to the fallout from the US war against Iran. The waiver expired on May 17.
Bloomberg previously reported that Indian authorities asked the US administration to extend the license to purchase oil from Russia.
India imports over 85% of its oil needs. Any sustained rise in oil prices directly impacts inflation, public finances, household budgets, and economic growth. In some months, Russian oil accounted for almost half of India’s total oil imports.