India is not "profiting" from Russian oil imports, but stabilizing the market – the country's minister
Photo: Hardeep Singh Puri / EPA / ALI HAIDER

Indian Oil Minister Hardeep Singh Puri said that India is not "profiting" from Russian oil imports, but rather has helped stabilize the global market and keep prices from jumping to $200 per barrel. About writes Reuters.

According to him, the US accusations that India resells refined Russian oil at a higher price are groundless.

Read also
Contribution to the war fund. Why India is getting closer to Russia and China

"Some critics argue that India has become a 'laundry room' for Russian oil. Nothing could be further from the truth." – the Minister emphasized.

India became the largest buyer of Russian offshore oil after the EU and the US reduced imports due to Russia's full-scale invasion of Ukraine in 2022.

Puri also noted that oil from Russia is not subject to a full embargo, like Iranian or Venezuelan oil, but only to the G7 and EU price ceiling, which allows for continued supply while limiting Moscow's profits.

  • On August 27, the United States raised duties on imports from India up to 50%, to force it to cut energy ties with Moscow. They will affect more than 55% of India's exports to the United States, the country's main market.