""US President Donald Trump's sanctions on Russian oil giants Lukoil and Rosneft are putting pressure on India to recalibrate its energy strategy. The measures announced last week mean that Indian oil refineries and the banks and shipping companies facilitating business with the blacklisted Russian companies could face secondary sanctions if they don't wind down transactions by a November 21 cutoff date.""
""The removal of all Russian oil from the global market would push up energy prices, and that would not be politically or economically palatable in either the US or Europe," she said. "Most Russian oil is being imported by private companies in India, and they will take a view based on their assessment of the balance of benefit. The Indian government has offered to step up energy purchases from the US as part of its effort to diversify.""
Sanctions targeting Russian energy firms Lukoil and Rosneft expose Indian refineries, banks and shipping companies to potential secondary penalties if transactions are not wound down by November 21. The US previously warned of a 50% tariff on selected Indian exports over continued purchases of Russian oil. India imported about 1.6 million barrels per day of Russian crude in September. Prime Minister Narendra Modi's government has not confirmed claims that India will stop buying Russian oil, and has emphasized ensuring stable energy prices and broadening energy sourcing. Private companies in India will weigh commercial benefits while the government explores diversification.
Read at www.dw.com
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