A deal to sell Russian gas to the South Asian nation could reportedly be concluded in weeks
India and Russia are discussing the resumption of direct sales of liquefied natural gas (LNG) for the first time since the Ukraine conflict escalated, Reuters has reported.
A “verbal agreement” to negotiate an LNG deal was arrived at during a March 19 meeting between Russian Deputy Energy Minister Pavel Sorokin and Petroleum and Natural Gas Minister Hardeep Singh Puri in Delhi, according to the news outlet.
If India decides to go ahead with the deal, it will risk violating Western sanctions on Russian oil.
The development comes amid surging energy prices triggered by the Middle East conflict and the blockade of the Strait of Hormuz by Iran.
The ministerial-level discussion also agreed to further increase crude oil sales to India, which could double from January’s levels to at least 40% of India’s total imports in about a month, the report said.
Officials in New Delhi expect the US waiver to be extended as long as disruptions through the Strait persist, Bloomberg reported on Wednesday.
New Delhi emerged as a key market for Russian oil after the Ukraine conflict broke out in 2022. It bought almost 2 million barrels a day in 2024 and nearly $44 billion of crude from Moscow last year.
India scaled back purchases late last year under pressure from Washington, turning instead to Saudi Arabia and Iraq. Much of this Middle Eastern oil subsequently became trapped in the Persian Gulf after the outbreak of the Iran war, squeezing availability and pushing Brent crude prices to as high as $120 a barrel earlier this month.
The South Asian nation imports 85% of its oil and nearly half of its natural gas. Around half of its crude oil and LNG shipments are routed through the Strait of Hormuz.
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