India Seeks US Approval for Iranian, Venezuelan Oil

Union Petroleum and Natural Gas Minister Hardeep Singh Puri said India will continue importing Russian crude because there are no international sanctions banning such purchases and that cutting supplies would threaten energy security and push up prices. During a U.S. visit around the U.N. General Assembly, Indian officials told the U.S. they would only curb Russian imports if Washington simultaneously allowed purchases from sanctioned suppliers Iran and Venezuela, warning that a comprehensive cutoff could trigger a global price spike and broader supply shocks. The request comes as Washington has imposed steep tariffs on India over its Russian purchases—raised to 50%—yet India has continued to buy discounted Russian barrels at reduced volumes while signalling interest in expanding U.S. oil and gas ties. India stopped buying Iranian oil in 2019 and has curtailed Venezuelan purchases this year, and officials argued that replacing cheaper Russian barrels with pricier Middle Eastern supplies would raise the country's import bill and risk food shortages or severe economic consequences.