India will diversify energy supplies after deal with U.S. on Russia oil imports
India will diversify its energy sources as a strategy amid changing global circumstances and ensure energy security for its citizens, Trade Minister Piyush Goyal said on Wednesday, days after the U.S. said New Delhi will halt Russian oil purchases.
U.S. President Donald Trump on Monday announced a trade deal with India that slashed tariffs on Indian goods to 18% from 50% in exchange for India halting Russian oil purchases and lowering trade barriers.
Trump said India would instead buy oil from the U.S. and potentially Venezuela. The Kremlin on Tuesday, however, said it had heard no statements from India about halting purchases of Russian oil.
In his first statement to the parliament on the trade deal, Goyal did not refer to shifting energy purchases away from any country.
Indian refiners have not been told by the government to stop buying Russian oil and would need a wind-down period to complete purchases already in process, Reuters reported.
In the U.S. deal, India has successfully protected sensitive sectors such as agriculture and dairy, Goyal added.
Lawmakers from India's key opposition party Congress have questioned the lack of details on the deal and have sought clarifications on the extent of farm access offered to Washington.
