Many Countries In Europe Importing Russian Energy, Says India To US’ Cautioning

New Delhi, March 17  : India on Thursday pointed out that a number of countries are importing energy from Russia, especially in Europe, even as the US said that countries should keep in mind the US sanctions on Russia over the war in Ukraine. Ministry of External Affairs spokesperson Arindam Bagchi also said that India will await details of the unilateral sanctions imposed by countries on Russia, to examine the details of the economic impact. “India does import most of its oil requirements. So we are always exploring all possibilities in the global energy markets.” He said that Russia has not been a major supplier of oil to India. “I don’t think Russia has been a major supplier; but as regards import of energy from Russia, let me highlight that a number of countries are doing so, especially in Europe,” he added. His statement comes two days after White House Press Secretary Jen Psaki said that countries planning to purchase discounted Russian crude should abide by the US sanctions. “But also think about where you want to stand when history books are written at this moment in time. Support for the Russian leadership is support for an invasion that obviously is having a devastating impact,” Psaki added. Bagchi also said that India will await the details of the sanctions imposed on Russia. “We will await details of any unilateral sanctions, the exact details, to examine their impact on our economic exchanges with Russia,” he said. To a question on whether India is planning to pay Russia in rupees, he said he is not aware of the developments in that aspect as yet. “We had a mechanism earlier of a rupee-rouble, but I’m not aware of the current status of it,” he added. According to reports, Russia is by far Europe’s largest supplier of energy. Russia’s pipeline gas exports to Europe are equivalent to about a third of global LNG trade as of 2021. If Europe were to replace all Russian pipeline gas with LNG, it would need to import about 275 bcm– which represents more than 53 percent of the global LNG trade. Europe would also need to find alternative LNG sources to replace Russian LNG.

with uni inputs