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    Vikshita Vitthal Gujaran in News

    03-Dec-2022 04:37 AM


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    India To Keep Purchasing Russian Oil After Sanctions Go Into Effect

    India said that it would continue to purchase Russian crude oil even after the embargo and price cap go into effect on December 5, an official in the Indian Oil Ministry said on Friday.
    India has consistently stated its intention to continue to purchase whatever crude oil makes the most financial sense for the import-heavy country.
    The Indian Oil Ministry official, cited by Attaqa, said that the sanctions placed on Russian oil—specifically on Western shipping and insurance services—won’t apply to India because they intend to use non-Western services to transport seaborne Russian crude oil into India.
    Russia has promised to stop shipments to any country employing the price cap.
    The $60 per barrel G7 price cap and EU embargo on Russian crude oil will go into effect on Monday, December 5.

    Source - https://oilprice.com/Latest-Energy-News/World-News/India-To-Keep-Purchasing-Russian-Oil-After-Sanctions-Go-Into-Effect.html

    #russia #oilprice