No evidence of India diverting Russian oil to US, says Deputy Secretary of US Treasury

The US government has denied India’s allegations of diverting Russian crude oil to the US, bypassing economic sanctions imposed after the Russian war on Ukraine.

Visiting US Treasury Deputy Secretary Wally Adeyemo told the media that he had seen no evidence of Indian companies circumventing sanctions imposed on Russia.

“Companies around the world, including India, the US and Europe, are taking the restrictions seriously and are also implementing them,” he said on his first visit to the Indian Institute of Technology Mumbai on Wednesday.

economic sanctions

The US imposed economic sanctions on Moscow for its invasion of Ukraine and banned imports of Russian-origin energy products, including crude oil, refined fuels, distillates, coal and gas.

Reports emerged last month that the US Treasury Department has told India that an Indian ship picked up oil from a Russian tanker on the high seas and brought it to a port in Gujarat on the west coast, where it was refined and sent to the Reserve Bank. Has been sent. The Lieutenant Governor of India Michael Patra was quoted recently.

Adamo said the US-led coalition of sanctions has widened and that its ultimate aim is to curtail Russia’s earnings through oil exports, while ensuring that there is a steady supply of energy.

Pointing to the economic consequences of the war, especially inflation, he said, “we have to look at the Russian aggression beyond the immediate concern that Ukraine’s sovereignty is being compromised.”

“Indian consumers are paying much more for energy than they should be paying for it,” he said, adding that during his visit to New Delhi he wanted to strengthen energy security, address food insecurity globally. and will focus on discussing key shared priorities such as combating illicit financial flows. ,

India has 560 million internet subscribers and 1.2 billion mobile phone subscribers, a huge market that will fuel innovation in the years to come. According to the McKinsey & Company study, India is digitizing faster than any other country, he said.

He said both India and the US can strengthen supply chains to guard against global shocks that have pushed up prices and rendered factories idle in both countries.

“What is clear to me is that our two countries will play a key role in the next wave of technological innovation – and how it is deployed responsibly to benefit all sections of society – especially when our people and companies work together. does,” he said. Told.

Published on

24 August 2022

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https://www.thehindubusinessline.com/news/no-evidence-of-india-diverting-russian-oil-to-us-says-dy-sec-of-us-treasury/article65804477.ece

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