India will continue buying oil from Russia says India's G20 Sherpa Amitabh Kant

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 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.

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.

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.