Journalism of Courage
The Kremlin on Tuesday brushed off US efforts to push India and China away from Russian energy supplies, insisting that Moscow offers “top quality energy at a good price” and that its partners will make independent decisions on whether to continue buying Russian oil, Reuters reported on Tuesday.
“Any country has an interest in purchasing strategic commodities such as energy resources, in higher quality and in larger quantities, at a lower price. In this regard, Russian energy resources are highly competitive on international markets,” Kremlin spokesperson Dmitry Peskov said defending Russia’s energy exports, Reuters reported.
Asked specifically about India and China, Peskov added: “We are offering our own commodity. The commodity has a strategic meaning for many countries. It is competitive and attractive.”
The remarks came after Washington imposed new sanctions on Russia’s top oil producers, Rosneft and Lukoil, in an attempt to pressure Moscow into agreeing to a ceasefire in Ukraine, where peace talks have stalled.
The restrictions have already forced Russia’s second-largest oil company, Lukoil, to announce the sale of its foreign assets.
Industry sources reported that the sanctions have prompted Chinese state oil firms to temporarily halt Russian crude purchases, while Indian refiners — Moscow’s largest seaborne buyers — are expected to sharply scale back imports.
US President Donald Trump’s latest bid to choke off Moscow’s ‘war funding’ by targeting oil came after both, India and China, have resisted Washington’s pressure to curb energy imports from Moscow.
Beijing condemned the move as “unilateral bullying” and “economic coercion,” defending its oil purchases from Russia as “legitimate” and warning it would take “firm countermeasures” if its national interests were threatened.
Trump said Prime Minister Narendra Modi had assured him in a recent phone conversation that Delhi was “not going to buy much oil from Russia,” adding that Modi “wants to see the war end with Russia-Ukraine.” PM Modi, who acknowledged the Diwali greetings exchanged during the call, has not publicly confirmed any commitment to scale back Russian crude imports.
Russian President Vladimir Putin also defended the exports last week, saying that Russia “will never bow to pressure from the United States or any other foreign power.” He described the latest sanctions as “unfriendly” and said they “will have certain consequences, but they will not significantly affect our economic well-being.”
Putin added that Russia’s energy sector “feels confident,” despite the tightening Western measures.
As per a report by The Independent, Rosneft and Lukoil rank among Russia’s largest energy giants, together valued at roughly $105 billion in market capitalisation — a key measure of corporate worth — with Rosneft holding a slightly larger share.
Russia exports about 4 million barrels of oil per day, with Rosneft and Lukoil jointly responsible for around half of that output.
