Editor's Pick: Deepening energy ties with Russia

While the U.S. has imposed an immediate ban on Russian oil and other energy imports, India is expected to deepen energy cooperation with Russia. This decision comes after Russian Deputy Prime Minister conveyed to India’s Union Petroleum Minister on March 11 that Russia is keen to increase its oil and petroleum product exports to India. The government confirmed on Thursday reports that Indian Oil Corporation and Hindustan Petroleum Corporation Ltd have bought two million barrels of Russian crude oil. Mangalore Refinery and Petrochemicals Ltd has also floated a tender seeking one million barrels of crude. India’s decision comes against the backdrop of volatility in the oil and gas markets due to Russia’s invasion of Ukraine and the sanctions imposed on it since. While sanctions by the West have forced many countries to avoid Russian oil and gas, India is able to procure it at discounted rates. However, companies deeply engaged with the U.S. may not be able to buy crude from Russia. India, the world’s third biggest energy consumer, is a major oil importer. As the economy continues to rebound from the devastating impacts of the pandemic, demand for oil is projected to jump 8.2% to 5.15 million barrels per day in 2022. In 2020, Russia produced about 12% of the world’s oil, which is why the decision to impose sanctions on it has impacted oil imports and prices the world over. (Listen to how the sanctions affect India here). While India, which has refrained from taking sides in the Russia-Ukraine conflict, takes pragmatic decisions, it has been criticised for not taking a stronger stand against Russian action. American Congressman Ami Bera said recently that by buying oil at a discounted price, India was “choosing to side with Vladimir Putin”. While India’s abstentions at the UN will help it in the short term, it is only those nations that move proactively to uphold, strengthen and reinvent the global order that will make the world a safer place, argued Suhasini Haidar here. With its latest decision on oil import, India can be expected to be under more pressure by the West to condemn Russia. As it continues to toe the line while protecting its own interests, this is the top story of the day. Was this newsletter forwarded to you? Head over to our newsletter subscription page to sign up for Editor‘s Pick and more. Click here The Hindu’s Editorials Mann of the moment: On Punjab’s new CM and the AAP model Unhealthy precedent: On vaccinating children The Hindu’s Daily Quiz Following the Russian invasion of Ukraine, the 44th Chess Olympiad this year will be held in which State? Karnataka Delhi Tamil Nadu Maharashtra To find out the answer and play the full quiz, click here [logo] Editor's Pick 18 MARCH 2022 [The Hindu logo] In the Editor's Pick newsletter, The Hindu explains why a story was important enough to be carried on the front page of today's edition of our newspaper. [Arrow]( [Open in browser]( [Mail icon]( [More newsletters]( Deepening energy ties with Russia While the U.S. has imposed an immediate ban on Russian oil and other energy imports, India is expected to [deepen energy cooperation with Russia](. This decision comes after Russian Deputy Prime Minister conveyed to India’s Union Petroleum Minister on March 11 that [Russia is keen to increase its oil and petroleum product exports to India]( The government confirmed on Thursday reports that Indian Oil Corporation and Hindustan Petroleum Corporation Ltd have bought two million barrels of Russian crude oil. Mangalore Refinery and Petrochemicals Ltd has also floated a tender seeking one million barrels of crude. India’s decision comes against the backdrop of volatility in the oil and gas markets due to Russia’s invasion of Ukraine and the sanctions imposed on it since. While sanctions by the West have forced many countries to avoid Russian oil and gas, India is able to procure it at discounted rates. However, companies deeply engaged with the U.S. may not be able to buy crude from Russia. India, the world’s third biggest energy consumer, is a major oil importer. As the economy continues to rebound from the devastating impacts of the pandemic, demand for oil is projected to jump 8.2% to 5.15 million barrels per day in 2022. In 2020, Russia produced about 12% of the world’s oil, which is why the decision to impose sanctions on it has impacted oil imports and prices the world over. (Listen to how the sanctions affect India [here](. While India, which has refrained from taking sides in the Russia-Ukraine conflict, takes pragmatic decisions, it has been criticised for not taking a stronger stand against Russian action. American Congressman Ami Bera said recently that by buying oil at a discounted price, India was “choosing to side with Vladimir Putin”. While India’s abstentions at the UN will help it in the short term, it is only those nations that move proactively to uphold, strengthen and reinvent the global order that will make the world a safer place, argued Suhasini Haidar [here](. With its latest decision on oil import, India can be expected to be under more pressure by the West to condemn Russia. As it continues to toe the line while protecting its own interests, this is the top story of the day. Was this newsletter forwarded to you? Head over to our newsletter subscription page to sign up for Editor‘s Pick and more.  [Click here]( The Hindu’s Editorials [Arrow][Mann of the moment: On Punjab’s new CM and the AAP model]( [Arrow][Unhealthy precedent: On vaccinating children]( The Hindu’s Daily Quiz Following the Russian invasion of Ukraine, the 44th Chess Olympiad this year will be held in which State? - Karnataka - Delhi - Tamil Nadu - Maharashtra To find out the answer and play the full quiz, [click here]( Today’s Best Reads [[In sanctions route, what the world must take note of] In sanctions route, what the world must take note of]( [[Is caste identity politics an answer to religious identity politics?] Is caste identity politics an answer to religious identity politics?]( [[Transmogrifying a behemoth — the Railways] Transmogrifying a behemoth — the Railways]( [[Consent is always essential] Consent is always essential]( Copyright @ 2022, THG PUBLISHING PVT LTD. 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