Politics
ASIA, BANERJEE, CRUDE OIL IMPORTS, ENERGY, EUROPE, EUROPE/ASIA, EXTERNAL AFFAIRS MINISTRY, GLOBAL ECONOMY, INDIA, IRAQ, KI, KIRTI VARDHAN SINGH, NEW DELHI, OF INDIA, OIL INDUSTRY, OIL PRICES, RAJYA SABHA, REUTERS, RITA, RITABRATA BANERJEE, RUSSIA, TRINAMOOL CONGRESS, UKRAINE, US
Clara Montgomery
Indian Government Informs Stakeholders of U.S. Sanctions on Russian Entities
The Indian government is proactively informing stakeholders about the U.S. sanctions on over 400 Russian entities in the energy sector. This awareness campaign aims to mitigate potential impacts on Indian oil traders and service providers. The sanctions emerged following significant increases in Russian oil imports by India amid geopolitical tensions.
The Indian government has informed various stakeholders, including oil traders, service providers, and insurance companies, about the ramifications of U.S. sanctions imposed on over 400 Russian entities in January 2023. This information was communicated by Kirti Vardhan Singh, the Minister of State for External Affairs, in response to inquiries from Trinamool Congress lawmaker Ritabrata Banerjee regarding the sanctions’ impact on India and the potential cessation of Russian oil imports.
India’s relationship with Russia is significant, with Russia being one of the two primary energy suppliers alongside Iraq. Following the imposition of Western sanctions due to the Ukraine conflict, India significantly increased its imports of Russian crude oil, reaching 1.54 million barrels per day in March 2022, despite prior declines due to sanctions apprehensions.
The sanctioned entities extend to major oil companies, LNG terminals, and providers of oilfield services. Singh elaborated that a 60-day period was announced for winding down transactions, after which all entities continuing dealings with the sanctioned parties will be designated as such by the U.S.
Singh emphasized that India’s decisions regarding international oil purchases are guided by a variety of factors, prioritizing national interests. Efforts have already been made to inform relevant stakeholders about the implications of these sanctions for Indian oil traders and associated service providers.
The Indian government has proactively informed key stakeholders about the recent U.S. sanctions on Russian energy entities. With Russia as a principal oil supplier, the government is strategically assessing the implications of these sanctions while safeguarding national interests. The communications underline the efforts undertaken to minimize potential disruptions in the oil sector amidst geopolitical tensions.
Original Source: www.hindustantimes.com
Post Comment