India to push ahead with Russian oil imports

An Indian government source said Saturday that New Delhi was pushing ahead with imports of Russian oil, after a temporary US waiver to import crude from Moscow due to war in the Middle East.

But India insists it did not need Washington’s permission to do so, the source added.

The US-Israel campaign against Iran and Tehran’s retaliatory attacks across the Gulf region have upended the world’s energy and transport sectors, causing a surge in global oil prices.

Washington temporarily eased economic sanctions against Russia on Thursday to allow Russian oil stranded at sea to be sold to India.

But India is not dependent on “a short-term waiver” for such purchases, the government source in New Delhi said.

“India has never depended on permission from any country to buy Russian oil,” they added.

“India is still importing Russian oil even in February 2026, and Russia is still India’s largest crude oil supplier.” Washington rolled back a 25 per cent duty on Indian exports in February as part of an interim trade deal after what it described as New Delhi’s “commitment” to stop buying Russian oil.

But this purported promise finds no mention in the joint statement and has neither been confirmed nor denied by the Indian government, which has maintained its oil procurement is guided by national interest.

The government source said India was “well stocked” with more than 250 million barrels of crude and petroleum products to “handle short term disruptions”.

However, India on Saturday raised the price of household liquefied petroleum gas (LPG) cylinders used for cooking by seven per cent.

Globally, crude soared 8.5 per cent on Friday and was up nearly 30 per cent for the week after President Donald Trump said only the “unconditional surrender” of Iran would end the Middle East war.

Agence France-Presse