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Russian Oil Imports "Inflation-Management" Strategy - Indian Finance Minister

OIL

Importing Russian oil is part of India’s inflation-management strategy according to its finance minister Nirmala Sitharaman today.

  • India’s crude oil shipments from Russia have jumped to between 12% and 13% of imports from all sources since February from about 2% before then she said.
  • “I give credit to the statesmanship of the prime minister to make sure globally that we did keep up the relationship with all countries but yet managed to get the Russian fuel, which is what Japan is doing today, which is what some other countries are doing,” she said.
  • India has shown no signs of stopping oil purchases from Russia despite international pressure. There also seems to be limited interest in the country joining an international price cap for Russian oil, despite efforts by the US to encourage talks on the matter.
Energy BulletsCommodities
Energy BulletsCommodities

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