Congress slams PM Modi after reports of India seeking US waiver on Russian oil
According to reports, the current US approval for India to import Russian crude oil is set to expire on May 16. The waiver was first approved in March and later expanded to help stabilize the global oil market by allowing additional crude supplies.India has reportedly approached Washington for an extension as global energy supply pressure continues in the Strait of Hormuz. Indian officials have told the United States that securing stable energy supplies is a priority and have warned that prolonged volatility in the oil market could have widespread economic consequences.Also Read | India asks US for waiver on Russian oil as Iran war cuts fuel supply: ReportReacting to the development, the Congress has accused the Modi government of compromising India’s sovereignty and energy security.“The Modi government’s capitulation of the country’s energy security to America is a price the entire nation is paying through crippling shortages of petrol, diesel and gas. First, the Modi government stopped buying cheap oil from Russia on American orders. Then, in the middle of the war, America gave India a ‘waiver’ to buy oil from Russia, which expired on May 16.”“Now, once again, instead of taking decisions in the national interest, the Modi government is pandering to Trump, seeking permission to buy oil from Russia,” it added.While Russian oil is not under blanket sanctions, the US has repeatedly urged India to reduce its purchases of concessions from Moscow as part of efforts linked to the Ukraine war, Bloomberg reported.India’s imports of Russian crude oil continued at high levels as refiners stepped up purchases ahead of the moratorium period. According to Kepler data, flows reached 2.3 million barrels per day in May, supported by provisions to allow cargoes already loaded to continue arriving. Kepler estimates that monthly flows could still average about 1.9 million barrels per day.In April, the US Treasury Department extended an embargo waiver on Russian oil, allowing the purchase of Russian crude and petroleum products that had already been loaded onto ships by that date. The waiver will remain valid until 12:01 a.m. (0401 GMT) on May 16, replacing the previous waiver that expired on April 11.Meanwhile, Reuters reported that India rejected Russia’s offer to supply liquefied natural gas (LNG) cargoes covered by US sanctions, despite increasing energy pressure linked to tensions in the Middle East. The decision resulted in at least one Russia-bound LNG shipment being stranded near Singapore while negotiations over approved supplies continue.
