Tenets of Diplomacy
No impact of US sanctions on trade with India, says Russian minister
This story was originally published at 19:54 IST on 11 February 2025
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NEW DELHI - Moscow's relationship with New Delhi is based on the tenets of diplomacy and economic efficiency, said Russia's Deputy Energy Minister Pavel Sorokin, and the fresh sanctions imposed recently by Washington will not impact trade between the countries.
"Our relationship with India is based on economic pragmatism," Sorokin said on the sidelines of the India Energy Week. "That will continue. We don't think energy trade should be hindered by any politics. We are working on how to operate after the latest sanctions. Appropriate action will be taken."
Former US president Joe Biden, just before demitting office in January, had slapped additional sanctions on more than 200 entities and individuals, including major Russian oil producers Gazprom Neft and Surgutneftegas, Russian insurance companies, and shadow fleet vessels.
The latest sanctions have hit the near-term supply of Russian oil to Indian refiners, who are finding it difficult to secure adequate cargoes from the country. This has led to Indian refiners diversifying import destinations, which is a tall task considering the huge volume of crude imports from Russia.
Ever since the Russia-Ukraine war broke out in February 2022, Russia has been India's biggest supplier of crude oil owing to the discounted rates at which Russia is selling its produce. The discounts were the result of Western sanctions on Russian oil and the consequent rise in global oil prices.
Sorokin said the sanctions are taking a huge toll of the global economy with investments being stuck and trade outlook clouded. "There will be some impact of the sanctions on trade but we have to wait it out," he added. End
Reported by Priyasmita Dutta and Pallavi Singhal
Edited by Rajeev Pai
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