Economics, not curbs, will guide oil flow to India: Russian minister

NEW DELHI: The latest US sanctions should not hinder oil trade with India since they are based on economic considerations, Russian first deputy energy minister Pavel Sorokin said on Tuesday, terming the additional curbs “illegal”.

“Our relationship with India is based on economic pragmatism. That will continue to be the basis of our cooperation in the future. We believe energy trade shouldn’t be hindered by politics. We don’t believe sanctions are a legitimate instrument and will continue to work with our partners on a bilateral and multilateral basis,” Sorokin said on the sidelines of India Energy Week.

He said it is wrong to judge the impact of curbs from the reduction in the flow of Russian oil to India following the sanctions slapped by the outgoing Biden administration on two Russian oil producers, tankers, and insurers.

“You cannot judge the situation based on a few weeks of data. More time is needed to assess these things. But we believe constructive relationships will continue to be successful,” Sorokin said.

Russia will continue to supply “whatever” energy is required by the global market despite Western pressure as “we have bilateral ties… and are working in market conditions and will continue to do that,” he said.

Rejecting claims of technology challenge due to the sanctions, Sorokin said Russia has the requisite technology at its disposal to develop its resources and will continue to be a major global player in the energy sector.