AMERICAS ASIA EUROPE MIDDLE EAST AFRICA TURKIYE

ARTS & CULTURE BUSINESS LIFE SPORTS

A PLACE CALLED PAKISTAN DIGITAL DOCUMENTARIES FOCAL POINT OFF THE GRID STORYTELLER

PERSPECTIVES RESEARCH CENTRE WORLD CITIZEN JOBS

US to discuss India's import of cheap Russian oil amid Ukraine assault

  • 25 May 2022

Elizabeth Rosenberg, assistant secretary for Terrorist Financing and Financial Crimes, will visit India, officials say, as Washington seeks to keep India's purchases of Russian oil from rising.

India is the only Quad member that has declined to publicly criticise Moscow over its assault on Ukraine. ( AFP )

A Biden administration official has headed to India to talk with officials and private industry about US sanctions, the Treasury Department said, as Washington seeks to keep India's purchases of Russian oil from rising.

Elizabeth Rosenberg, the assistant secretary for Terrorist Financing and Financial Crimes, will visit New Delhi and Mumbai through Thursday, a Treasury spokesperson said on Tuesday.

Another senior US official told the Reuters news agency on March 31 that a significant increase in Russian oil exports by India could expose New Delhi to "great risk" as Washington prepares to step up enforcement of sanctions against Moscow after its assault on Ukraine.

Rosenberg's visit is part of a wider Biden administration effort to fan out to partners and allies around the world to talk with officials and industry about the implementation of US sanctions and export controls, the Treasury spokesperson said.

"It's important to talk to the parts of the world that are strong US partners on a whole host of other issues, and make sure we're in close contact about our sanctions regime and working together to crack down on any evasion opportunities or evasion activities," the spokesperson said.

Secondary sanctions

India, the world's third oil importer, boosted Russian oil imports in April to about 277,000 barrels per day, up from 66,000 bpd in March as refiners buy the discounted crude shunned by many Western countries and companies.

Current US sanctions against Russia do not prevent other countries from buying Russian oil. 

But Biden administration officials have considered so-called secondary sanctions that could restrict those purchases. 

Tariffs and price caps on Russian oil as well as putting proceeds from Russian oil sales into escrow accounts that its oil sellers could tap only for certain purchases have been under consideration. 

There have been no indications that such measures are imminent.

Rosenberg was expected to meet with both Indian government officials and private and state refining companies and other businesses on topics ranging from sanctions to food security.

Related

Popular