Former Indian diplomat Veena Sikri on Saturday said India is likely to maximise oil purchases from Iran during the temporary sanctions waiver period while continuing to diversify its energy imports to safeguard long-term energy security. In an interview with ANI, Sikri said the recent lifting of sanctions appears temporary, given the evolving conflict between Iran and the United States and Israel. “Well, I think it’s good that, you know, we are again able to buy oil from Iran. I think the lifting of the sanctions seems to be very temporary because there’s no idea how the conflict between Iran on one hand and the US-Israel on the other hand how it’s developing,” she said.
30-day window to increase imports
She noted that the waiver period may last about 30 days, during which India could increase imports from Tehran. “So this may be very temporary, but at the moment, for 30 days, there’s a temporary waiver. So certainly, because of India’s long-standing relations with Iran, our good relations with Iran, we know that a very special exception has been made for India for the ships sailing through the Strait of Hormuz, and three more ships have also sailed. So now, just like that, we will also buy as much as we can get. We are buying Russian oil as well,” Sikri said.
Diversification key to energy strategy
According to her, India’s energy strategy relies heavily on diversifying suppliers to maintain stability in supplies and prices. “In fact, I think the Government of India has done the right thing. In recent years, they have seriously diversified their sources of supply. Maybe earlier, when we were buying oil from maybe about 15 or 20 countries, now we’ve increased it. We’ve gone up to 25, 30, 35, 40 countries, even,” she said.
Sikri added that the diversification allows India to adapt to changing geopolitical conditions. “If it is available from Iran, fine, we will buy from Iran. If it is a problem with Iran, then we go and see the Russian oil tankers,” she said.
Safe passage through Strait of Hormuz
She also highlighted the safe passage of Indian vessels through the Strait of Hormuz, one of the world’s most critical energy shipping routes. “Yes, certainly it’s very good news that it has safely passed through the Strait of Hormuz. First three ships had come, now two more, and we hope over the next few days some more will come because there are several Indian ships over there getting supplies from one or the other of the Gulf countries,” she said.
“It is very important that they pass through the Strait of Hormuz peacefully. So far it has gone well, and we are keeping our fingers crossed that it will continue to be like that,” she added.
Concerns over regional escalation
However, Sikri cautioned that the broader regional situation remains uncertain, pointing to reports of US naval developments in the region. “There is all this news coming in about these American aircraft carriers, USS Tripoli, USS Boxer, moving to the region, one is moving from Japan, the other is moving from San Diego in California. It will take time for them to reach, maybe it will take another 30 days or so, but in the meanwhile we have to stock up and see what is happening,” she said.
She added, “But I think the serious concern is the escalation, the potential for escalation of the conflict with the Gulf country, with the Gulf countries.”