India to continue buying Russian crude, LPG despite end of US sanctions waiver

Subscribe to enjoy similar stories.India will continue to buy crude oil and cooking gas (liquefied petroleum gas or LPG) from Russia, even after the US’s one-month waiver of sanctions on such imports has expired, according to two people aware of the development.In early March, the US briefly waived sanctions on Russian oil and petroleum products that were already in transit, amid concerns over global supply disruptions linked to the West Asia war. The waiver will not be extended, US treasury secretary Scott Bessent said on Wednesday.The first person cited above said waiver on sanctions is the US’s prerogative, and India’s imports would not depend on it.

“Efforts are on for further LPG purchases from Russia. Also, import of both crude and LPG is likely to continue from non-sanctioned entities,” this person said on condition of anonymity.Indian refiners are in talks for future imports after recently tying up a total of 800,000 tonnes of LPG supplies from Russia, Australia and the US, the first person said.To be sure, the US has emerged as a key LPG supplier to India after signing a deal last November to supply 10% of the country’s total requirement in 2026, while the contracted LPG imports from Russia are not significant and are yet to reach India.“Even now, the quantum of import (from Russia) tied up is not very significant, and talks are on for more LPG supplies,” the first person added.The second person said that the US will continue to be India’s key LPG supplier in the current scenario.

Canada is another country which would supply LPG to India, according to the government. Mint earlier reported that talks are underway with Angola for sourcing of cooking gas.On crude, West Asia accounted for around 60% of India’s total