https://sputnikglobe.com/20221019/india-vows-to-continue-russian-oil-purchases-despite-wests-intention-to-cap-oil-price-1102085856.html
India Vows to Continue Russian Oil Purchases Despite West’s Intention to Cap Oil Price
India Vows to Continue Russian Oil Purchases Despite West’s Intention to Cap Oil Price
Sputnik International
The Group of Seven wealthy nations, commonly known as the G7, is working on a proposal to cap the price of Russian oil, intending to curb the country’s... 19.10.2022, Sputnik International
2022-10-19T16:32+0000
2022-10-19T16:32+0000
2022-11-15T14:20+0000
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India will take a close look at the price cap on Russian oil proposed by the West, the country’s Oil Minister Hardeep Singh Puri said on Wednesday. However, the minister categorically denied reports claiming Indian refiners might scale down or stop buying Russian oil, even if the US-led price-capping plan implemented.Answering a question on whether India will follow the planned price cap on Russian oil, the minister said he hopes Delhi may receive an exemption from Western countries, like, for example, Japan."I think there is an exemption for Japan for Sakhalin [Sakhalin-1 oil and gas project - ed. note], then there is crude which comes through the pipeline, so they have exemptions...we will have to look at it," the minister said.Meanwhile, US Deputy Treasury Secretary Wally Adeyemo said last Wednesday that Washington is not planning to implement secondary sanctions against Russia once the price cap is in place.The Indian Oil Corporation Ltd and Bharat Petroleum have already placed an order for December with Russia, the third largest supplier for the South Asian nation."5th Dec is not a roadblock, we continue upliftment as per requirement and based on viable commercial offers received," an official at one of the Indian state refiners told Reuters on Wednesday.Despite months of pondering, G7 nations have yet to determine the price cap range. The West called the price cap a way to curb Moscow's ability to finance the special military operation in Ukraine.Russia, which had supplied 0.2 percent of India's total oil purchases until February, reportedly offered a discount of around $15-20 per barrel on a delivered-at-place basis to the South Asian country.New Delhi imported crude oil worth $11.41 billion from Russia in the current fiscal until August, trade data shows.
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India Vows to Continue Russian Oil Purchases Despite West’s Intention to Cap Oil Price
16:32 GMT 19.10.2022 (Updated: 14:20 GMT 15.11.2022) The Group of Seven wealthy nations, commonly known as the G7, is working on a proposal to cap the price of Russian oil, intending to curb the country’s earnings from fuel exports. However, Russia has warned that it will stop oil supplies to any country that joins the West in capping the price.
India will take a close look at the price cap on Russian oil proposed by the West, the country’s Oil Minister Hardeep Singh Puri said on Wednesday.
However, the minister categorically denied reports claiming Indian refiners might scale down or stop buying Russian oil, even if the US-led price-capping plan implemented.
“It’s completely incorrect…oil purchase will continue to be a commercial decision for the oil marketing companies,” Puri said when asked about the buzz that Indian refiners may stop buying Russian oil.
Answering a question on whether India will follow the planned price cap on Russian oil, the minister said he hopes Delhi may receive an
exemption from Western countries, like, for example, Japan.
"I think there is an exemption for Japan for Sakhalin [Sakhalin-1 oil and gas project - ed. note], then there is crude which comes through the pipeline, so they have exemptions...we will have to look at it," the minister said.
Meanwhile, US Deputy Treasury Secretary Wally Adeyemo said last Wednesday that Washington is not planning to implement secondary sanctions against Russia once the price cap is in place.
The Indian Oil Corporation Ltd and Bharat Petroleum have already placed an order for December with Russia, the third largest supplier for the South Asian nation.
"5th Dec is not a roadblock, we continue upliftment as per requirement and based on viable commercial offers received," an official at one of the Indian state refiners told Reuters on Wednesday.
Despite months of pondering, G7 nations have yet to determine the
price cap range. The West called the price cap a way to curb Moscow's ability to finance the special military operation in Ukraine.
Russia, which had supplied 0.2 percent of India's total oil purchases until February, reportedly offered a discount of around $15-20 per barrel on a delivered-at-place basis to the South Asian country.
New Delhi imported crude oil worth $11.41 billion from Russia in the current fiscal until August, trade data shows.
