The Indian government is informing stakeholders on the impact of US sanctions on over 400 Russian entities. The sanctions could affect oil imports, crucial for India’s energy supply. The government is prioritizing national interests while navigating these challenges.

The Indian government is actively informing stakeholders, including oil traders, oilfield service providers, and insurance companies, about the ramifications of recent US sanctions affecting over 400 Russian entities in the energy sector. Minister of State for External Affairs, Kirti Vardhan Singh, provided this information in response to inquiries from Trinamool Congress lawmaker Ritabrata Banerjee during Rajya Sabha proceedings.

The US Embassy in New Delhi notified the Ministry of External Affairs about the sanctions on January 14, which had been imposed on January 10. These sanctions raise concerns for India’s energy supply, given that Russia and Iraq are key suppliers. Following the sanctions related to the invasion of Ukraine, India’s imports of Russian oil surged to 1.54 million barrels per day in March 2022, after a temporary dip triggered by previous sanctions.

The sanctioned entities encompass major oil companies and their subsidiaries, LNG terminals, various insurance bodies, oil traders, brokers, and service providers related to oilfield operations. The US has set a 60-day period for winding down activities involving these sanctioned entities, after which it will designate those who continue such engagements.

Singh emphasized that India’s decisions regarding oil purchases are made considering national interests and various strategic factors. He reassured that the government has proactively informed relevant stakeholders about any provisions that could affect their operations concerning the recent sanctions.

In summary, the Indian government is proactively engaging stakeholders about the implications of US sanctions against Russian energy entities, with a focus on safeguarding national interests. The impact of these sanctions on India’s energy imports, especially in light of rising purchases of Russian oil, is being closely monitored. The government’s measures aim to ensure compliance while maintaining vital energy supply channels.

Original Source: www.hindustantimes.com

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