India Continues To Increase Energy Imports From Russia

Indian Foreign Ministry Spokesperson Arindam Bagchi has told reporters today that India is under no pressure to reduce energy and arms imports from Russia.

• Bagchi: "Our decisions on what we do regarding purchase of oil or other things related to that will be guided by our energy security requirements."
• India had been targeted by the US Treasury Department as a potential subscriber to a US-led price cap on Russian oil. Russia responded to the prospect of a price cap by threatening to cut supply to countries who joined the initiative.
• Bagchi said that he has not been presented with any specific proposals for an oil price cap.
• India continues to elude the influence of the US-led alliance and have avoided condemning the Russian invasion of Ukraine or participating in sanctions.
• In July, India overtook China as the biggest importer of Russia crude oil.
• Today, Bloomberg reported that the Indian rupee is one of the currencies the Russian central bank is considering purchasing in lieu of US dollars and Euros.