Source : INDIA TODAY NEWS
Fresh uncertainty is hanging over India’s oil imports after the Donald Trump administration indicated it may not keep extending sanctions waivers that have allowed New Delhi to continue purchasing Russian crude. Speaking before lawmakers, Secretary of State Marco Rubio said the United States wants to phase out the exemptions as quickly as possible.
The remarks, made during a Senate Foreign Relations Committee hearing on Tuesday, have revived a long-running point of friction between New Delhi and Washington. The US has repeatedly criticised purchases of Russian oil since the Ukraine conflict began, claiming that revenues from crude exports help fund Moscow’s military campaign. However, Trump also granted temporary waivers when global energy markets faced supply pressures due to the war imposed on Iran by the US and Israel.
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“We would like to end it as soon as we possibly can because the underlying policy of this country has been to sanction their oil. These are time-limited waivers for the purpose of opening up more global supply,” Rubio told lawmakers.
The current waiver, which was first granted in March and later extended twice, is set to expire on June 17.
RUBIO PUSHES FOR END OF WAIVER
The US Secretary of State made comments after Senator Jeanne Shaheen asked whether the administration would commit to allowing the waiver to expire without another extension.
India is among the biggest beneficiaries of the arrangement. Since sanctions were imposed on Moscow by the US and the West, India has emerged as a major buyer of discounted Russian crude, helping secure cheaper energy supplies for its growing economy.
According to Rubio, the waiver was introduced primarily to prevent a sharp rise in global oil prices during a period of geopolitical turmoil.
“The problem we’re facing, too, is there’s a contagion potential, and that is that at some point we can do strategic reserves, we can do some of the other things that we’ve done to alleviate global supply,” he said.
He admitted that the measure was not designed mainly for the US economy but helped stabilise energy markets worldwide.
“At the end of the day, the US economy is not in need of it, but other economies around the world have benefited from the Russian waiver,” Rubio added.
INDIA LIKELY TO STAND FIRM
Many analysts have clarified that India’s imports of Russian oil helped prevent a sharper energy crisis by ensuring Russian crude remained available in international markets, even if sold at discounted rates.
For New Delhi, the issue extends far beyond oil.
New Delhi has consistently maintained that energy purchases are driven by national interest, affordability and energy security. The government has repeatedly defended its right to buy oil from whichever supplier best meets the country’s needs.
WHAT IT MEANS FOR INDIA
India’s purchases of Russian oil came under pressure after Trump imposed an additional 25 per cent tariff on Indian goods, accusing New Delhi of helping finance Russia’s war effort in Ukraine. Washington has repeatedly argued that revenue from Russian crude exports provides Moscow with funds to sustain its military operations.
Trump has also claimed on several occasions that Prime Minister Narendra Modi assured him India would gradually end its purchases of Russian oil. While New Delhi has not publicly confirmed any such commitment, the issue later surfaced as part of broader trade discussions between the two countries.
A White House fact sheet released after the US-India trade agreement stated that Trump agreed to withdraw the additional 25 per cent tariff after India committed to stop purchasing Russian Federation oil. The document said the tariff rollback was linked to India’s pledge to halt direct or indirect imports of Russian crude.
Behind the concern over sanctions lies a larger geopolitical goal. Washington has been pushing India and other major importers to gradually reduce their reliance on Russian crude and seek supplies elsewhere, especially from Venezuela.
– Ends
With inputs from PTI
SOURCE :- TIMES OF INDIA
