India, Russia Eye Direct LNG Sales Amid Ukraine War, Sanctions Risks

• India and Russia are preparing to resume direct LNG sales for the first time since the Ukraine war began, risking Western sanctions.
• A "verbal agreement" to negotiate an LNG deal was reached on March 19 between Russian Deputy Energy Minister Pavel Sorokin and Indian Petroleum and Gas Minister Hardeep Singh Puri.
• The two nations also plan to increase crude oil sales to India, potentially doubling January's levels to 40% of India's total imports.
• India has approached Washington for a possible sanctions waiver, while its energy importers are preparing for Russian LNG purchases.
• The move comes amid skyrocketing energy prices and India's need for stable energy supplies, with Russia leveraging its long-standing partnership.