India to continue buying Russian oil, ministry source says
3rd Dec 2022
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India to continue buying Russian oil, ministry source says
- India will continue buying Russian oil and even look for term contracts as sanctions allow purchases provided that Western services are not used.
- The comment comes a day after European Union governments tentatively agreed on a $60 a barrel price cap on Russian seaborne oil, which comes into effect on Dec. 5.
- After Dec. 5, Western shipping and insurance companies would be prohibited from handling Russian oil sold above the price cap.
- While India has emerged as the top buyer of Russian oil behind China as refiners snap up discounted crude shunned by Western nations since the invasion of Ukraine, Moscow has become New Delhi's second biggest oil supplier, replacing Saudi Arabia, after Iraq, data from trade sources show.
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