India issues big clarification on oil imports from Russia after Donald Trump’s claim

Foreign Secretary Vikram Misri has stated that decisions in the energy sector, whether by the government or businesses, would be guided by national interests, while clarifying the issue of actual sourcing.

India-US trade deal: In a big statement after US led by President Trump announced trade deal with India, Foreign Secretary Vikram Misri has said that “national interest” would continue to guide India’s energy-related decisions. Notably, Trump had claimed that India had stopped importing crude oil from Russia as a part of the trade deal signed between the US and India. The official has made it clear that the key drivers of the country’s energy policy are “adequate availability, fair pricing and reliability of supply”. Here are all the details you need to know about what Foreign Secretary Vikram Misri has said about importing oil from Russia.

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Speaking during a Special Briefing by the Ministry of External Affairs (MEA) here, Misri stated that decisions in the energy sector, whether by the government or businesses, would be guided by national interests, while clarifying the issue of actual sourcing.

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Misri clarified that oil companies make procurement decisions based on market conditions, including availability, risk assessment, costs, and logistics, while adhering to internal accountability and fiduciary responsibilities.

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“As far as the actual sourcing of energy is concerned, this is undertaken by oil companies, which make decisions based on market conditions. They assess availability, evaluate risks, analyse costs, and follow their internal accountability processes and fiduciary responsibilities. At any given time, there is a complex matrix of considerations, including financial and logistical aspects, that these companies must take into account,” he stated.

“What you will continue to see in this sector are business choices being made based on these considerations. Whether it is the government or businesses, national interest will continue to guide our choices,” he added.

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Misri noted India is a net importer in the oil and gas sector and, as a developing economy, must remain conscious of its resource availability and the impact of import dependence on inflation. He added that safeguarding the interests of Indian consumers remains a top priority for the government.

(With ANI inputs)

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The Times Of Bengal