‘National interest key in oil purchases’: Centre

India’s decision on international oil purchases is based on diverse factors, with the country’s national interests at the top, the Centre informed Parliament on Thursday. The Ministry of External Affairs was asked in Rajya Sabha whether “it is a fact that the USA had asked India to stop unloading Russian oil tankers and has set a deadline for it.”

MEA Minister of State Kirti Vardhan Singh in his response said that the ministry was informed by the US about its January 14 sanctions imposed on more than 400 Russian energy sector-related entities.

He said the sanction, pronounced by the US Office of Foreign Assets Control, or OFAC, extended to oil majors and their subsidiaries, LNG terminals, insurance companies, oil traders/brokers, oil vessels and providers of oilfield services.

A 60-day “winding down period” was also announced after which the US was supposed to designate all those that continue to deal with sanctioned parties in Russia’s energy sector, he said.  

“Government of India’s decision on international oil purchases is based on diverse factors, keeping in mind India’s national interests and priorities. Necessary steps have already been taken to sensitise all the relevant stakeholders regarding any provisions that could impact Indian oil traders, oil field service providers, and insurance companies,” the MoS said.