Indian refiners are seeking legal advice on how they can buy Russian oil that is currently under sanctions, after the United States announced atemporary waiverfor purchases of crude that is already stranded at sea, two government sources told Reuters. The move comes as global energy markets face disruptions due to the ongoing Middle East crisis.
For the unversed, Washington on Thursday granted India a 30-day waiver to purchase Russian crude that had already been loaded on ships as of March 5 as the Middle East conflicts rages on. The permission is valid until April 4.
However, India has repeatedly maintained that its energy purchases are guided by domestic needs and the interests of its population, and that its decisions are taken independently based on national energy security requirements.
Also Read -'Too Many Ill-Wishers': Russia Says It Will Not Disclose Data on Crude Oil Export to India
Despite the waiver, Indian refiners are carefully examining the legal implications before moving ahead with purchases.
“So far refiners have bought only non-sanctioned oil," one of the sources told Reuters, adding refiners want to avoid complications including payment problems if they buy oil linked to sanctioned entities and vessels.
Indian state-run refiners have already bought at least 20 million barrels of Russian oil that were loaded on ships floating in international waters, according to a report by Reuters on Thursday.
These purchases come as refiners try to manage supply shortages triggered by the ongoing crisis in the Middle East.
India is the world’s third-largest oil importer, and around 40% of its crude imports come from the Middle East, much of which passes through the strategically important Strait of Hormuz.
Any disruption in this region can therefore have a direct impact on India’s energy supplies.
Source: India Latest News, Breaking News Today, Top News Headlines | Times Now
