12/03/2023, 22:28 india: India to ensure no breach on Russia oil purchase sanctions - The Economic Times

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English Edition | 12 March, 2023, 10:28 PM IST | Today's Paper

India to ensure no breach on Russia oil purchase

sanctions
By Ruchi Bhatia and Adrija Chatterjee, Bloomberg Last Updated: Mar 12, 2023, 06:47 PM IST

Synopsis
India had a detailed discussion with the US and other G-7 nations on the sidelines of the
Group of 20 nations meeting recently and they seem satisfied with its dealings, one of
the people said. India and China have emerged as the top buyers of Russian oil since its
war in Ukraine began more than a year ago.

Reuters
India will not breach Western
sanctions on Russia including the price
cap of $60 imposed on purchases of oil
from Moscow, according to people
familiar with the matter.

Government authorities have asked

banks and traders to adhere to the
rules, the people said, declining to be
identified as the information isn’t public. Indian officials have not gone on the
record to say they will support sanctions and the price cap imposed by the
Group of Seven nations on Russia.

India had a detailed discussion with the US and other G-7 nations on the
sidelines of the Group of 20 nations meeting recently and they seem satisfied
with its dealings, one of the people said. India and China have emerged as the
top buyers of Russian oil since its war in Ukraine began more than a year ago.

Spokespeople for the government didn’t respond to text messages seeking

comments on the issue outside of working hours.

Over the past months, import-dependent India has seized the opportunity
presented by discounted crude, becoming a key tool for Prime Minister
Narendra Modi’s bid to fight energy inflation. A little over a year ago, it bought
almost no Russian oil; today, the South Asian market has become crucial for
Moscow, which in turn has displaced other suppliers.

India’s commitment to stick to the price cap and to continue buying crude
from Moscow comes amid concerns future flows could be temporarily dented
after financiers wary of breaching sanctions demanded more details on
purchases.

Western countries led by the US had put a price cap of $60 per barrel on
exports of Russian oil in a bid to crimp revenues to the Kremlin and keep
some oil on the market.

Earlier this month, a senior US official said the Biden administration will
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12/03/2023, 22:28 india: India to ensure no breach on Russia oil purchase sanctions - The Economic Times

continue to discuss India’s purchases of Russian oil with government officials

but is satisfied so far that New Delhi is buying the crude well below a western
price cap.

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