New Delhi: – The United States had warned that the Indian fuel purchase from Russia does not fall under the purview of the US sanctions. But the Indian purchase of fuel from Russia, the aggressor on Ukraine, at a concessional rate will be noted in history.’ The warning does not seem to have had any effect on India. It is reported that India settled the Russian fuel bill in USD.
Indian oil company GAIL India Limited has signed an agreement with the Russian oil company GAZPROM. As per the agreement, GAZPROM supplies nearly 2.5 million cubic metres of natural gas to GAIL India. There is a provision to complete these transactions in USD. Accordingly, GAIL India has settled the Russian company bill in USD. GAIL pays this bill every month. The last bill was paid to GAZPROM on 23 March.
Stringent sanctions have been imposed on Russia by the western countries following the attack on Ukraine and the United States has targeted Russian USD transactions. The United States has also imposed sanctions on Russian Gold reserves to prevent them from being used for transactions with other countries. But many countries, including the European countries, are dependent on Russian fuels. Hence, the United States has not been able to target Russian oil exports completely. The United States is appealing to the countries buying oil exclusively from Russia to find alternative suppliers.
Facing restrictions on its oil exports, Russia proposed a supply of 30 million barrels of oil to India at concessional rates. India accepted the attractive proposal against the background of the sky-rocketing oil prices. The United States objected to the transaction and tried to threaten India, saying that this would be noted in history. But India pointed out to the United States that the European countries are buying oil quantities in multiples of the Indian purchase.
The Indian foreign ministry warned the United States not to politicise the Indian oil requirements. The Indian company has now delivered another message to the United States by settling the fuel bill in USD. India has demonstrated that India will not abide by the sanctions imposed by the United States against Russia. A reaction is awaited from the United States over this. The United States has said that the Indian refusal to adopt a stand against Russia in the Ukraine war is disappointing. But the Indian foreign ministry pointed out to the United States that India takes its decisions keeping national interests in view.
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