homemarket Newscommodities NewsOil import from Russia: Contract pre dates Ukraine war; Rupee Ruble arrangement being discussed
Oil import from Russia: Contract pre-dates Ukraine war; Rupee-Ruble arrangement being discussed
India buys 3 million barrels of Russian crude oil approximately. To put it in context, in 2021, India's oil imports from Russia were just one percent of its total basket.
India's dependency on Russian oil imports has been in focus and CNBC-TV18 has learnt from people in the know that India buys only 3 million barrels of Russian crude oil approximately. To put it in context, in 2021, India's oil imports from Russia were just one percent of its total basket.
Government sources have also indicated that there is no breach of sanctions on Russia as well as the contracts between both nations were signed way before the Russia-Ukraine war began.
Another focus point is the payment methodology with Russia dealing with strict SWIFT sanctions. Alternatively, a Rupee-Ruble payment arrangement is being discussed but no decision has been taken yet.
The United States agreed that India taking up Russia's offer of discounted crude oil would not be a violation of American sanctions.
The White House has said. "Our message to any country continues to be that abide by the sanctions that we have put in place and recommended," White House Press Secretary Jen Psaki told reporters at her daily news conference on Tuesday.
Officials of the Biden administration have shown an understanding of India's position but Indian-American Congressman Dr Ami Bera expressed disappointment over reports that India is contemplating buying Russian oil at a steeply discounted rate.
"As the world's largest democracy and as a leader of the Quad, India has a responsibility to ensure its actions do not directly or indirectly support Putin and his invasion," Bera said in a statement.
Meanwhile, crude oil prices slipped below $100 for the first time in nearly 3 weeks, down 25 percent from 14-year high.
(Edited by : Abhishek Jha)
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