March 21, 2023

Great Indian Mutiny

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After the Kremlin offers a discount, India will continue to buy oil from Russia

Despite pressure to isolate the Kremlin, Finance Minister Nirmala Sitharaman has said that India will continue to buy cheap oil from Russia in the interest of the country. “We started buying and got a large number of barrels; I think there will be supply for three or four days and this will continue, ”Sitharaman said at a Cnbc event. “The public interest of India is taken into account.”

Indian state refineries have doubled the number of Russian barrels rejected by European buyers since the start of the war in Ukraine. Oil Minister Hardeep Singh Puri said last week that Russia had agreed to supply crude oil over the next three to four months.

Russia is supplying more oil to India at a discount of up to $ 35 a barrel than before the war, Bloomberg News reported on Thursday.

Russia is one of Asia’s second-largest importers of crude oil, despite international pressure and sanctions. Russian barrels are increasingly flowing into Asia as buyers from Europe and the United States avoid delivery following the Ukraine invasion. India and China are the main buyers.

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