Petroleum and Natural Gas Minister Hardeep Puri said India's continued purchase of crude oil from Russia helped stabilise energy prices globally, and halting oil trade from Russia would have spiralled crude prices to over USD 120-130 per barrel.
President Donald Trump has issued a stern warning to Russian President Vladimir Putin: cooperate on ending the Ukraine war or face additional tariffs on Russian oil, CNN reported.
Russia on Thursday slammed the US for its "inappropriate and counter-productive" demands that India stop unloading Russian oil tankers. The US had set a deadline of February 27 for India to comply.
India continues to purchase crude oil from various global suppliers while ensuring compliance with international sanctions, according to A S Sawhney, Chairman of Indian Oil Corporation Ltd (IOCL).
The US sanctions impose restrictions on two major Russian oil producers--Gazprom Neft and Surgutneftegaz--as well as 157 tankers, insurance companies, oilfield service providers, and traders.
In an interview with the Italian newspaper, Corriere della Sera, in Italy, Jaishankar highlighted Europe's "unreasonable expectations" from other parts of the world, while its own disengagement with Russia has been very "selective."
Speaking at the FIPI Oil and Gas Awards Ceremony, the minister highlighted the dramatic shift in India's oil sourcing over the past two years, with Russian oil imports surging from a mere 0.2 per cent in February 2022 to consistently occupying the top spot in recent months.
Puri pointed out that some "ill informed commentators" wanting to put restrictions on India when European and Asian countries had also engaged in significant energy purchases from Russia.
"When PM Modi assumed responsibility in May 2014, we were only blending 1.5 per cent of our total fuel with bio-fuel. PM set a target of 10 per cent blending by November 2022, we were able to do that 5 months in advance," Puri said.