India’s oil procurements will be done with an eye toward ensuring the country’s energy security and European nations need to strike a balance when dealing with matters such as energy-related sanctions, foreign security Vikram Misri said on Tuesday.
Misri acknowledged the security concerns behind recent sanctions imposed by the European Union (EU) on Russia over the war with Ukraine but said the rest of the world too is dealing with “existential” issues. He was responding to a question at a media briefing on whether the West’s energy-related sanctions will figure during Prime Minister Narendra Modi’s visit to the UK beginning on Wednesday.
Referring to the sanctions package unveiled by the EU last Friday, Misri said, “We have been very clear that…the highest priority of the government of India [is] to provide energy security for the people of India, and we will do what we need to do in regard to that.”
“We do understand that there is an important and a serious security issue that is confronting Europe, but the rest of the world…is also dealing with issues that are existential,” he said. “It’s important to keep balance and perspective when talking about these issues.”
The EU’s latest sanctions package designated the Vadinar refinery in Gujarat, jointly owned by Russian energy firm Rosneft, and included an import ban on refined petroleum products made from Russian crude. India responded by saying that New Delhi doesn’t subscribe to unilateral sanctions and calling for an end to “double standards” in energy trade – a reference to European states buying refined products made from Russian oil from third countries.
Misri reiterated India’s position on abandoning double standards on energy-related issues, and called for a “clear-eyed perception” of the global energy market, including “where the providers of energy goods are located and where they’re going to come from, and who needs energy at what point in time”.
“We have not yet seen any actions by the UK so far as matters related to secondary sanctions are concerned. In any case, we have made very clear our view with regard to secondary sanctions,” he added.
The latest EU sanctions package marked the first time since the start of Russia’s invasion of Ukraine that an energy firm in India has been targeted. The package came days after US President Donald Trump warned that countries buying Russian commodities could face sanctions if Russia fails to reach a peace agreement with Ukraine in 50 days, and NATO chief Mark Rutte spoke of the possibility of sanctions against India, Brazil and China for trading with Russia.
India, China and Brazil have been major buyers of Russian oil after the US and the European Union (EU) imposed sanctions on Russia over the invasion of Ukraine. Russia has emerged as India’s top energy supplier over the past two years, and currently accounts for nearly 35% of overall supplies, followed by Iraq and Saudi Arabia.