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India imports more oil from the US amid Russian criticism

NEW DELHI –

On Saturday, officials said India’s oil imports from the United States will grow 11% this year, as the energy-starved nation seeks to secure supplies from producers around the world. world, including Russia, was severely sanctioned.

The rise in oil prices following Russia’s invasion of Ukraine last month risks fueling India’s inflation, straining public finances and hurting growth just as the country is emerging from a recession caused by the pandemic. caused by translation.

New Delhi faces criticism from the West because the The country’s longstanding political and security ties to Moscow, with some suggesting that engaging in business with Russia will help finance the country’s war. India has called for an end to the violence in Ukraine but abstained from voting against Russia.

Japanese Prime Minister Fumio Kishida, meeting his Indian counterpart Narendra Modi during a visit on Saturday, said he would encourage a unified approach on Ukraine.

India buys most of its oil from the Middle East, but the US has emerged as the fourth largest source and this year supply will increase significantly, a government official told Reuters.

Iraq supplies 23% of India’s oil, followed by Saudi Arabia with 18% and the United Arab Emirates with 11%. The US market share in the Indian market will increase to 8% this year, the official said.

Russia has been a small player in the Indian market, but since the invasion on February 24, it has offered discounted oil to ease the sweeping sanctions imposed by the United States and other countries.

Indian Oil, the country’s top refiner, recently ordered 3 million barrels of Russian oil through a tender, while Hindustan Petroleum has pre-ordered 2 million barrels for May loading.

Another government official said India welcomes competitive offers to sell oil, including from Moscow, especially as global prices soar.

European nations continue to import Russian oil and gas, and India cannot stop doing so, the second official said.

Western sanctions contain remedies intended to avoid any impact on energy imports from Moscow, and Russian banks that process payments for these purchases remain on the SWIFT network , the official said.

The official said India’s legal energy deals should not be politicized. “Countries that are self-sufficient in oil or those that import themselves from Russia cannot reliably advocate restricting trade.”

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