NEW DELHI, February 10. /TASS/. Russia will continue supplying oil to the Indian market under mutually beneficial terms in the future, Russian Ambassador in New Delhi Denis Alipov said in an interview with TASS when asked about consequences of a large-scale package of sanctions on Russia’s oil and gas sector imposed by the administration of the US’ former president Joe Biden.

"I believe that the global demand and supply balance destabilized by the recent sanctions will inevitably recover, with Russia continuing to supply oil to the Indian market under mutually beneficial conditions," he said.

According to estimates by the Indian government, "as the country’s economy develops the demand for energy resources will increase, which is a long-term trend," the diplomat said. "For India as an importer of hydrocarbons the stability of supplies based on the price/quality ratio is of strategic importance. Russia meets this criterion like no other. There is no better option on the global market now," he stressed.

On January 10, the administration of former US president Joe Biden announced a large-scale package of sanctions against Russia’s oil and gas sector. Restrictions were imposed on Russian companies Gazprom Neft and Surgutneftegas, Gazprom's Portovaya and the Novatek-led Vysotsk LNG facilities. Moreover, 183 tankers, traders, oilfield service firms, heads of a number of oil companies, and representatives of the Russian Energy Ministry’s leadership were blacklisted.

On January 13, a source in the Indian government told TASS that the country after introduction of US sanctions against Russia’s oil sector did not expect any disruption of supplies of Russian oil in the following two months, adding that traders would develop ways to deliver oil using new mechanisms during this period.

According to figures provided by energy cargo tracker Vortexa cited by OPEC, Russia ensured 38% of Indian crude imports in November 2024 as it remained the republic’s largest supplier.