The Ministry of External Affairs (MEA) of India addressed its stance on the purchase of Russian oil following the United States’ decision to revoke the 25% additional tariff imposed on India. This development came after the announcement of a framework for a bilateral trade agreement between the two countries. The White House noted that India has committed to halting direct or indirect purchases of Russian oil.
India highlighted the importance of diversifying its energy sources to ensure energy security in the context of evolving global and market dynamics. The MEA reiterated that energy diversification remains central to the country’s broader strategy to maintain stable and sustainable energy supplies.
**Why this matters:**
India is one of the world’s largest energy consumers, and its approach to securing energy resources significantly impacts global energy markets. The US tariff revocation signals a shift in bilateral trade relations and reflects the complexities of balancing geopolitical considerations with energy needs. India’s commitment to energy diversification is crucial for its economic stability and long-term energy security amid fluctuating international conditions.
Source: NewsData