India Confident In Energy Security Despite Risks From Russian Oil Sanctions: Minister Puri

New Delhi, July 18 (KNN) Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Thursday expressed confidence that India would be able to meet its energy requirements from alternative sources should Russian crude supplies be disrupted by secondary sanctions.

“I don’t feel any pressure in my mind,” Puri said, responding to questions about the potential impact of US sanctions on Russian oil during his address at Urja Varta, the annual conference of the Directorate General of Hydrocarbons (DGH). “India has diversified its supply sources from about 27 countries earlier to nearly 40 now.”

Puri cited the emergence of new suppliers such as Guyana and the potential to scale up imports from existing partners like Brazil and Canada. 

He stressed that India’s diversification strategy would help cushion any supply shocks stemming from geopolitical developments.

US President Donald Trump recently warned of punitive measures against nations continuing to trade with Russia if a peace deal with Ukraine is not reached within 50 days. 

A bipartisan bill, the Sanctioning Russia Act of 2025, introduced in the US Senate, proposes tariffs of up to 500 percent on countries including India and China for purchasing Russian oil, gas, or uranium.

Despite the developments, Puri said India remains prepared: “I’m not worried at all. If something happens, we’ll deal with it.” 

He also noted that if crude oil prices remain stable over the next few months, there may be room to reduce domestic fuel prices. “The price of oil will come down as more supply sources become available. We have enough oil around,” he added.

Addressing the impact of potential sanctions, Puri noted that Russia accounts for around 10 percent of global oil production and that excluding it from global supply would likely push prices to as high as USD 130 per barrel. 

He pointed out that countries including Turkey, China, Brazil, and members of the European Union continue to import energy from Russia.

India's oil imports from Russia increased slightly in the first half of 2025, with private refiners such as Reliance Industries Ltd and Nayara Energy accounting for nearly half of the total volumes. 

Russia remains India’s top crude supplier, contributing roughly 35 percent of total imports, followed by Iraq, Saudi Arabia, and the United Arab Emirates.

Indian Oil Corporation Chairman A.S. Sahney, also speaking at the event, noted that in the event of a supply disruption, India could revert to its pre-Ukraine conflict sourcing model, when Russian oil accounted for less than 2 percent of total imports.

(KNN Bureau)