Russia's First Deputy Energy Minister, Pavel Sorokin, stated on Tuesday that U.S. sanctions should not interfere with Moscow’s oil trade with India. However, he noted that it is still too early to determine the full impact of the latest restrictions. India emerged as the largest buyer of discounted Russian seaborne oil after Western nations imposed sanctions on Moscow in response to Russia’s 2022 invasion of Ukraine. But last month, new U.S. sanctions targeting Russia’s oil supply chain caused shipping costs to surge, prompting some buyers and ports in India and China to avoid sanctioned vessels.

Speaking at the India Energy Week conference, Sorokin emphasized the economic foundation of Russia’s relationship with India, stating, “We believe energy trade shouldn’t be hindered by politics.” He also pointed out that evaluating the consequences of recent sanctions would require more time, expressing confidence that constructive trade relationships would continue.

Russia’s oil exports to India declined in December and January compared to the previous six months. Indian Oil Corporation (IOC), the country's leading refiner, recently acknowledged that its Russian oil imports may drop this fiscal year due to the new sanctions. IOC Chairman A. S. Sahney clarified that the company is purchasing Russian crude without engaging with sanctioned entities.

Sorokin criticized the sanctions, calling them illegal and harmful to the global economy. He claimed they have drained billions of dollars from developing nations and raised borrowing costs for the energy sector, which relies on long-term investments. Despite the challenges, he assured that Russia has the necessary technology to develop its resources and will remain a key player in the global energy market.

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