US Sanctions on Russian Oil: Implications for India's Energy Security and Strategic Autonomy
UPSC Relevance
Prelims: International Relations (India-US relations, India-Russia relations); Indian Economy (Energy Security, Oil Imports, Economic Sanctions).
Mains:
General Studies Paper 2 (International Relations): "Effect of policies and politics of developed and developing countries on India’s interests" (US sanctions on Russia impacting India's oil imports is a core example); "Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests."
General Studies Paper 3 (Economy): "Infrastructure: Energy"; "Indian Economy and issues relating to mobilization of resources, growth, development."
Key Highlights from the News
To compel Russia into negotiations to end the Ukraine war, US President Donald Trump imposed new sanctions against Russia's two largest oil companies, Rosneft and Lukoil.
The goal of these sanctions is to eliminate oil revenue, which is the funding for the Kremlin’s war machine.
India and China, the biggest buyers of Russian oil, are being forced to reduce imports.
Reports indicate that Indian refiners, including Reliance, are preparing for a "massive cut" in Russian oil imports to comply with the new US sanctions.
Trump also claimed that India had assured him it would stop importing oil from Russia.
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