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India will continue to buy oil from Russia and other nations: top official

India will continue to buy oil from Russia and other nations: top official

New Delhi: Ahead of the European Union imposing restrictions on Russian oil, India will continue to buy crude oil from Russia and other parts of the world, declared a top official. India is the world's third largest crude importer after China and the US.

Nobody is saying don't buy Russian oil. Russia is only one of the suppliers, not a majority supplier. Indian supplies come from 30 countries. We have the flexibility to source oil from any country and so we should not anticipate any disruption, added the official. "Unlike Iran and Venezuela, there are no sanctions on buying oil from Russia. So anyone who can arrange for shipping, insurance, and financing outside of the EU can buy oil."

The EU has asked its 27 members to cap the price of Russian oil at USD 60 as an attempt to limit Moscow's revenues and ability to continue the war in Ukraine. The system will kick in on December 5. As per this, companies shipping Russian oil outside of Europe would only be able to access EU insurance and brokerage services if they sell the oil at or under USD 60.

Russia has threatened that it will not sell its oil to anyone who wants to cap the prices. For Russia to keep the oil sale, as usual, its buyers need to use a ship, insurance, and financing outside the G-7.

The Indian official said all options are on the table. "So for all practical purposes, if I can send a ship, cover insurance, and devise a mode of payment, I can continue to buy oil from Russia."

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TAGS:UkraineEURussiaG7Ukraine warRussian oilRussian crude oilprice cap
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