India Shows ‘Renewed Interest’ in Buying More Russian Crude Oil: Deputy PM Alexander Novak

Moscow: Russia on Tuesday claimed that India had signaled “renewed interest” in importing larger quantities of Russian crude oil due to disruptions in energy supplies following the closure of the Strait of Hormuz following US and Israeli attacks on Iran. The Strait of Hormuz is the world’s most critical oil shipping chokepoint. It faces disruptions after Iran’s actions in response to US and Israeli attacks.

“Yes, we are receiving signals of renewed interest from India,” Deputy Prime Minister Alexander Novak told state broadcaster Rossiya 1 on the sidelines of an event in Moscow.

Almost a fifth of the world’s oil supply and a significant portion of liquefied natural gas exports pass through the narrow waterway connecting the Persian Gulf to global markets.

Any prolonged restrictions on traffic via Hormuz threaten to disrupt energy supplies to major importers, including India, China and Japan, and raise global crude oil prices.

Novak, who oversees Russia’s energy sector, did not rule out the possibility that the European Union may relax its decision to reduce Russian hydrocarbon imports in the face of the developing energy crisis.

Meanwhile, Russia’s NTV channel, owned by energy giant Gazprom, said the escalation of hostilities and Iran’s attack on oil and gas infrastructure in Gulf countries could help Moscow reduce the “deep discounts” it offers to Asian buyers, including India.