India and the European Union have had their disagreements when it comes to procuring crude oil from Russia in light of the war in Ukraine. Recently the EU agreed to put a $60 per barrel price cap on Russian seaborne oil. However, India will continue buying Russian oil and even look into term contracts as sanctions permit purchases as long as Western services are not used.
G20 Sherpa and former Chief Executive Officer of NITI Aayog, Amitabh Kant confirmed to CNBC-TV18 that India has been buying oil from Russia and will continue to do what is in India's interest.
“Our policy remains clear and steady,” he added.
It is noteworthy that Russian oil sold above the price cap cannot be handled by Western shipping and insurance companies after December 5.
India Russia and the oil debacle
India imports 85 percent of its crude needs and has emerged as Russia's second-largest oil customer after China, taking advantage of discounted Russian oil shunned by some Western buyers.
Russia now makes up for 22 percent of India's total crude imports, ahead of Iraq's 20.5 percent and Saudi Arabia's 16 percent.
Last month India’s foreign minister S Jaishankar backed India's increasing oil imports from Russia. He said that energy ties with Moscow have worked to India's advantage and that it's in India's interest to keep the imports going.
Meanwhile, the US has asked India to align with them against Russia, primarily with respect to transitioning away from buying oil from Russia.
G20 Sherpa meeting
In Rajasthan's Udaipur, the first G20 Sherpa meeting under India's presidency began on Sunday. Over the course of four days from December 4-7, important conversations will be held on some crucial issues.
Amitabh Kant, who is representing India, told CNBC-TV18 that India’s priorities are fairly ambitious and he expects to have evolved discussions on development, growth and financial inclusion in the meet.
He also added that digital transformation will be a priority for the discussions as close to four billion people in the world don't have a digital identity and two billion don't have bank accounts.
A number of events are expected to be held as part of the celebrations, including conferences, field activities, stamps, and coins that will be issued to raise awareness about millets, encourage stakeholders to improve production and quality and attract investment.
First Published: Dec 5, 2022 12:59 PM IST
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