India is diversifying its energy sources as part of a strategy amid changes in the global situation and will ensure energy security for its citizens, the country's trade minister Piyush Goyal said on Wednesday, days after the US said New Delhi would stop buying Russian oil, UNN reports with reference to Reuters.
Details
US President Donald Trump on Monday announced a trade deal with India that lowered tariffs on Indian goods from 50% to 18% in exchange for India ending purchases of Russian oil and lowering trade barriers.
Trump said that India would instead buy oil from the US and possibly from Venezuela. However, the Kremlin said on Tuesday that it had not heard any statements from India regarding the cessation of Russian oil purchases.
In his first statement to parliament on the trade deal, Goyal did not mention shifting energy purchases from any country.
Indian refineries have not received an order from the government to stop buying Russian oil, and they will need a period to stop in order to complete purchases that are already underway, Reuters reports.
Goyal added that in the agreement with the US, India successfully protected sensitive sectors such as agriculture and the dairy industry.
Lawmakers from India's key opposition party, Congress, questioned the lack of details of the agreement and sought clarification on the extent of access to farms offered to Washington.
Trump said India would stop buying Russian oil and increase purchases from the US02.02.26, 19:43