India Considers Buying Russian Oil Despite Sanctions: Finance Minister
Image Source: Dailyhunt
India’s Finance Minister Nirmala Sitharaman has expressed the nation’s willingness to explore purchasing Russian crude oil beyond the price cap imposed by the G-7 during the ongoing Ukraine-Russia war. Sitharaman cited India’s large population and the need for affordable prices as a critical input for the economy, as the country imports almost 80% of its crude oil requirements.
The move also comes as a surprise output cut by OPEC+ and Western sanctions aimed at reining in Russia’s oil revenue following the invasion of Ukraine affect global oil prices. While officials had previously indicated that India signed an agreement with Western powers to impose a price cap on Russian oil, Sitharaman said there was no such agreement.
Russia’s crude exports rose to five million bpd, and India replaced China as the main destination for Russian shipment in Asia. However, the country still needs to find the “best deal” since it needs to curb inflation and spur growth. India’s stance emphasizes the country’s constant search for the “best deal” due to the risks of higher oil prices and the impacts of Russia’s war in Ukraine.
Re-reported from the story originally published in Dailyhunt
