India is expected to deepen energy cooperation with Russia as several major western economies have continued to source Russian energy despite tough U.S. sanctions against Moscow’s rulers. An official confirmation in this regard came in the backdrop of reports that after the Indian Oil Corporation (IOC), the Hindustan Petroleum Corporation Ltd (HPCL) has bought two million barrels of Russian crude oil as Indian energy majors forge ahead with attempts to secure a part of Russian energy supply.
In response to a question on whether India would opt for Russian energy which is reportedly being offered at a “discount”, an informed source said, “We will take it.” The policy decision, it appears, is part of India’s plans to ensure energy security as the oil and gas market continues to witness volatility in the backdrop of European developments of the past few weeks. The official clarified that the energy cooperation with Russia will require some necessary adjustments in the financial front because of the challenges posed by the American sanctions.
