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India Plans To Adhere To Western Sanctions On Russian Oil

OIL

India will not breach sanctions by Western countries on Russia including the price cap imposed on Russian oil imports sources told Economic Times India.

  • Government authorities have asked banks and traders to adhere to the rules, sources said.
  • India has not gone on record to say they will support sanctions and the price cap imposed by the EU and G7.
  • India’s commitment to stick to the price cap and to continue buying crude from Russia comes amid concerns future flows could be temporarily dented after financiers wary of breaching sanctions demanded more details on purchases, delaying processes.
  • India has emerged as a new buyer for Russian crude and imported around 1.85mbpd in February, Kpler data show.

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