Russia on Tuesday said India has shown “renewed interest” in increasing purchases of Russian crude, as disruptions linked to the closure of the Strait of Hormuz following US and Israeli strikes on Iran roil global energy markets.
The Strait of Hormuz — the world’s most critical oil shipping chokepoint — has faced disruptions after Iranian actions in response to the strikes. Nearly a fifth of global oil supplies and a substantial share of liquefied natural gas exports pass through the narrow waterway connecting the Persian Gulf to international markets.
"Yes, we are getting signals of renewed interest from India,” Deputy Prime Minister Alexander Novak told the state-run TV Rossiya 1 on the sidelines of an event in Moscow.
Any prolonged restriction on traffic through Hormuz threatens to disrupt supplies to major importers such as India, China and Japan, while pushing up global crude prices.
Novak, who oversees Russia’s energy sector, also did not rule out the possibility that the European Union could reconsider its curbs on Russian hydrocarbon imports in light of the unfolding energy crisis.
Meanwhile, Russia's NTV channel, owned by energy giant Gazprom, reported that the escalation of hostilities and Iran's strikes on oil and gas infrastructure in Gulf countries could allow Moscow to scale back the "deep discounts" it has been offering to Asian buyers, including India.
