India will not violate Western sanctions against Russia including a $60 price ceiling on oil purchases from Moscow, according to people familiar with the matter.
Government agencies have asked banks and merchants to comply with the rules, the people said, declining to be identified because the information is not made public. Indian officials have not been recorded to say they would support government-imposed sanctions and price ceilings. Group of Seven country to Russia.
India had a detailed discussion with the US and other G-7 nations on the sidelines of the recent Group of 20 meeting and it appeared satisfied with its arrangements, a source said. India and China have emerged as top buyers of Russian oil since the war in Ukraine began more than a year ago.
A government spokesman did not respond to messages seeking comment on the matter outside of business hours.
The past few months, dependent on imports India seized the opportunity due to the drop in crude oil prices, became a key tool in Prime Minister Narendra Modi’s efforts to combat energy inflation. Over a year ago, it hardly buys Russian oil; Today, the South Asian market has become important to Moscow, thereby displacing other suppliers.
India’s pledge to keep the price ceiling unchanged and to continue buying crude from Moscow comes amid concerns that future flows could be temporarily affected after financiers wary of breach Sanctions require more details about the purchase.
Western countries led by the US have set a ceiling price of $60 a barrel on Russian oil exports in an attempt to reduce revenue for the Kremlin and keep some oil on the market.
Earlier this month, a senior US official said Biden The administration will continue to discuss India’s oil purchases from Russia with government officials but is so far satisfied that New Delhi is buying crude below the Western ceiling.
Government agencies have asked banks and merchants to comply with the rules, the people said, declining to be identified because the information is not made public. Indian officials have not been recorded to say they would support government-imposed sanctions and price ceilings. Group of Seven country to Russia.
India had a detailed discussion with the US and other G-7 nations on the sidelines of the recent Group of 20 meeting and it appeared satisfied with its arrangements, a source said. India and China have emerged as top buyers of Russian oil since the war in Ukraine began more than a year ago.
A government spokesman did not respond to messages seeking comment on the matter outside of business hours.
The past few months, dependent on imports India seized the opportunity due to the drop in crude oil prices, became a key tool in Prime Minister Narendra Modi’s efforts to combat energy inflation. Over a year ago, it hardly buys Russian oil; Today, the South Asian market has become important to Moscow, thereby displacing other suppliers.
India’s pledge to keep the price ceiling unchanged and to continue buying crude from Moscow comes amid concerns that future flows could be temporarily affected after financiers wary of breach Sanctions require more details about the purchase.
Western countries led by the US have set a ceiling price of $60 a barrel on Russian oil exports in an attempt to reduce revenue for the Kremlin and keep some oil on the market.
Earlier this month, a senior US official said Biden The administration will continue to discuss India’s oil purchases from Russia with government officials but is so far satisfied that New Delhi is buying crude below the Western ceiling.
