India is not profiteering from discounted Russian crude, Oil Minister Hardeep Singh Puri has insisted, arguing that New Delhi’s purchases have prevented a global energy crisis rather than fueled one.
In an op-ed published in The Hindu on Monday, Puri dismissed accusations from Washington that India has turned into a “laundromat” for Russian oil, stressing that every transaction is conducted through legal, transparent, and audited channels.
“Some critics allege that India has become a laundromat for Russian oil. Nothing could be further from the truth.
India has not broken any rules. On the contrary, our purchases have stabilised global markets and kept oil prices from shooting to $200 per barrel,” the minister wrote.
His comments come as Prime Minister Narendra Modi meets Russian President Vladimir Putin in China for a regional summit, with energy cooperation expected to feature prominently.
India has emerged as Russia’s largest seaborne oil customer, taking advantage of steep discounts after Europe and the U.S. imposed sanctions on Moscow over its invasion of Ukraine in 2022.
Puri emphasised that Russian crude is not under a blanket embargo like Iranian or Venezuelan oil, but rather a G7/EU price-cap mechanism designed to keep flows steady while restricting Kremlin revenues.
“The larger truth is this,” Puri added, “there is no substitute for the world’s second-largest producer supplying nearly 10% of global oil demand.”
